Traditionally, there are three factors that are key to the success of integrated project management, time, cost, and performance. Each of these factors is fundamental to successful project management because they represent three of the most important project management characteristics as follows:
1. Completion of the project within allocated resources. This is the cost factor of project management
2. Completion of the project within allocated schedule. This is the time factor of project management
3. Completion of the project within explicit criteria, standards, and specifications. This is the performance factor of project management. This is also sometimes called the quality factor
These factors are not considered equal in every project. In some projects, it may be critical to have the product on time. For instance, a weapon system may be required to perform a certain military mission or a computer program may be required to build the rest of the computer system or a new registration system must be ready for students. In other projects, cost might be critical. For example, only a specific amount of funds is allotted to the project. In this case, a fence or limit may be put on the budget of a project. In some cases, quality may be the most important characteristic and resources are essentially unlimited. Traditionally, the project management organization focuses on planning and controlling time and cost, while assuming its functional departments will ensure quality through a focus on specifications.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.