Managing the Scope-Time-Cost Triangle in Project Management: A Comprehensive Overview Example

State your intentions for managing and balancing the scope-time-cost triangle.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

The scope time cost triangle is very significant to manage when doing a project. Working on a project also entails the triple constraints, which include time, cost, and scope (Masopoga, 2018). Cost consists of the project’s budget. Managing costs is essential because prices are vital to the project’s success. They include financial resources from sponsors and costs inputs such as labor. Cost management helps in understanding the total amount of money required to complete a project.

The scope comprises all the activities that will be undertaken for the project to be successful. Managing project activities is significant for achieving the project’s target. Scope management helps in prioritizing activities. Managing operations is necessary for attaining the project’s deliverables (Masopoga, 2018).

Time management is also necessary for project completion. Having a specific timeline to finish the project is ideal for succeeding in any project, including the solar panel project. Having a particular time helps to manage the time for optimum results. Highlight the key risks and obstacles that management will have to mitigate for the plan.

Highlight the key risks and obstacles that management will have to mitigate for the plan.

Project management is a complex activity that is like to face some challenges that include the management of teams. Managing stakeholders is one of management’s primary tasks. Stakeholders’ conflict is common during the project process. Therefore, project managers should be competent and have the skills to manage and mitigate stakeholder conflicts. The management has to ensure that all teams are headed in the same direction.

Poor Definition of objectives and goals is also a challenge that project managers have to overcome for their success (Cristóbal et al., 2018). The project manager must clearly define the objectives and aims to get approval from key stakeholders.

The management team must also deal with resource allocation challenges. The team should be able to identify the required resources and tools required for project completion. Managers should, for instance, determine the appropriate technology for use in the project. The team must also be able to allocate resources based on the budget. The team managers must overcome using more resources than the budget.

Identify the triggers or signals that management will use to monitor if these risks are occurring or not.

The project management team ought to be alert in identifying risks symptoms or triggers, including tracking identified risks. The management can know if a risk is occurring by tracking discussed risks such as delayed supplies. Delayed supplies are a significant risk indicator because they can interfere with the project’s scope and time.

Risk managers will also use risk probabilities to monitor the possibility of risk occurrence (Zio, 2018). Project managers can contrast current and past progress to identify the possibility of risks. Project changes can also serve as risk indicators during project management.

The management team will use event trees or probabilities to monitor risks. The management will also employ stochastic simulation models to check for project uncertainties (Zio, 2018). Project managers will also screen risks in current projects by using past project data. Brainstorming on past projects will also help the project management team and risk owners to evaluate the risk probabilities.

Summarize the cost schedule by providing cost categories for the project—rough order of magnitude (ROM) (very high level) dollar estimates are adequate for this. Note: You may insert a tabular format here for clarity.

The cost of producing a single solar panel will vary depending on various factors, such as supply costs, among others (Kuik et al.., 2019). Panels will be purchased at approximately $0.50 per watt. The solar inverter will cost $1. DC combiner box price is $2 while the battery and the connector each cost $2. Labor for each solar will cost $5 (Imteaz & Ahsan, 2018).

References

Kuik, O., Branger, F., & Quirion, P. (2019). Competitive advantage in the renewable energy industry: Evidence from a gravity model. Renewable Energy, 131, 472-481.

Masopoga, M. (2018). Project constraints in a manufacturing environment beyond the Iron Triangle (Doctoral dissertation, University of Johannesburg). https://ujcontent.uj.ac.za/vital/access/services/Download/uj:30111/SOURCE1

San Cristóbal, J. R., Carral, L., Diaz, E., Fraguela, J. A., & Iglesias, G. (2018). Complexity and project management: A general overview. Complexity, 2018. https://core.ac.uk/download/pdf/236072867.pdf

Zio, E. (2018). The future of risk assessment. Reliability Engineering & System Safety, 177, 176-190. https://hal.archives-ouvertes.fr/hal-01988966/document

Imteaz, M. A., & Ahsan, A. (2018). Solar panels: Real efficiencies, potential productions, and payback periods for major Australian cities. Sustainable Energy Technologies and Assessments, 25, 119-125. https://www.sciencedirect.com/science/article/abs/pii/S2213138816301291