The next wave of increasing the uncertainty is being caused by the increasing speed of change—so-called Internet time. In extreme uncertainty, it becomes impossible to determine a fixed outcome, cost, and schedule for any project. The myth of certainty is no longer believable, so outcome, cost, and schedule become project variables rather than constraints. Guidance for decision making thus becomes the effect of the decision on economic value to the organization.
• Outcome. Project outcomes begin very vague and then continually change due to customer information gained from rapid prototyping. Project success is only known after the project outcome life cycle is completed, and it is heavily dependent on the project's contribution to economic value.
• Cost. The cost is continually changing and in need of constant review. The old concept of cost is seen as possibly irrelevant to the goal of contributing to economic value. Costs are thus seen as investments made now to increase organizational value in the future.
• Schedule. The schedule becomes much more externally driven and not in your control. It is based more on the market than on time needed to produce the project outcome. As cycle times are reduced, project outcome success is heavily dependent on how you begin. Thus, the fuzzy front end, the time at the beginning, becomes most important for project success. This irritates upper managers, who like to jump in at the end.
Triple constraint metrics used to evaluate projects will now cause real problems and possibly failure due to the need for changes during project. Relying on triple constraints may cause you to deliver the wrong product. Something will be delivered by the deadline, but the technology may have changed and the market may have moved on. For the future, a new metric will be needed.
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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.