QS Study

A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. Project management is the application of knowledge, skills, and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets. Project management is a systematic process of planning, organizing, analyzing, implementing, and controlling of project’s to ensure the best possible use of resources.

Constraints of project management: Project management can be defined as the planning, directing and controlling of resources (people, equipment, mental) to meet the technical, cost, and time constraints of the project.

  1. Time: This refers to the actual time required to produce a deliverable. Naturally, the amount of time required to produce the deliverable will be directly related to the number of requirements that are part of the end result (scope) along with the number of resources allocated to the project (cost).
  2. Cost: This is the estimation of the amount of money that will be required to complete the project. Cost itself encompasses various things, such as resources, labor rates for contractors, risk estimates, bills of materials, etc. All aspects of the project that have a monetary component are made part of the overall cost structure.
  3. Scope: These are the functional elements that, when completed, make up the end deliverable for the project. The scope itself is generally identified up front so as to give the project the best chance of success.