{"id":1236,"date":"2019-01-06T17:37:36","date_gmt":"2019-01-06T15:37:36","guid":{"rendered":"http:\/\/fractory.co\/?p=1236"},"modified":"2024-12-17T18:34:39","modified_gmt":"2024-12-17T16:34:39","slug":"project-management-triangle-cost","status":"publish","type":"post","link":"https:\/\/fractory.com\/project-management-triangle-cost\/","title":{"rendered":"Project Management Triangle – Balancing Speed, Cost and Quality"},"content":{"rendered":"

From the sidelines, project management might seem like an easy job. You just have to oversee others’ work. In reality, it requires certain experience and know-how to juggle between everything going on. Finding the optimal solution can be challenging.<\/span><\/p>\n

Project management triangle<\/a> is a pretty well-known concept. In short, it states that an equilibrium point between cost, speed and quality is unattainable. Is it rather a myth or a fact?<\/p>\n

Balancing those three sure is a difficult task. A good university education or experience of judging from the sidelines is not enough to succeed at it. At first, mistakes are inevitable. The basis for progress is the ability to learn from these mishaps.\u00a0The first lesson is careful planning.<\/span><\/p>\n

Planning<\/h2>\n

You achieve nothing without thorough planning. It is important to bear in mind that just generating ideas does not equal planning. Planning takes those ideas and makes them work for a common goal. But first, you have to pinpoint the difficulties within the project to find the right path. In manufacturing, the difficulty comes from balancing time, speed and quality<\/strong>, a challenge that often involves considering both cost management and value optimisation<\/a>.<\/span><\/p>\n

Those, in turn, are comprised of a sub-set of interconnected factors. Let’s identify the key points together to make planning clearer and easier.<\/p>\n

Speed<\/h2>\n

\"Input,<\/p>\n

 <\/p>\n

Assuring a quick service in manufacturing comprises different aspects.\u00a0The first is input<\/strong>. The project management process starts with it. What do the clients want? How do they want it? Where do they want it? Although your client may not have a clear vision yet, gather as much info as possible. The inputs give you a rough idea of the time required to provide a satisfying result.<\/span><\/p>\n

The second component of speed is design<\/strong>. This is one of the key points with many connections – a lot depends on it. A good engineering design<\/a> may require more time from the engineering team but will eventually repay it many-fold in different ways:<\/span><\/p>\n