Podcast
Questions and Answers
Which of the following is NOT a key element of the project management triangle?
Which of the following is NOT a key element of the project management triangle?
- Safety (correct)
- Time
- Quality
- Cost
What is the primary reason for understanding the relationships between cost, time, and quality in project management?
What is the primary reason for understanding the relationships between cost, time, and quality in project management?
- To identify potential trade-offs and compromises (correct)
- To determine the best resources for the project
- To ensure the project is safe
- To understand project goals
Which of the following is NOT a desirable attribute of 'Cost' within the project management triangle?
Which of the following is NOT a desirable attribute of 'Cost' within the project management triangle?
- Economical
- Timely (correct)
- Reasonable
- Efficient
What is the significance of 'Quality' within the project management triangle?
What is the significance of 'Quality' within the project management triangle?
Which of the following best describes the dynamic relationships between cost, time, and quality in the project management triangle?
Which of the following best describes the dynamic relationships between cost, time, and quality in the project management triangle?
What is the primary reason for the difficulty in achieving the Project Management Triangle's balance?
What is the primary reason for the difficulty in achieving the Project Management Triangle's balance?
Flashcards
Project Management Triangle
Project Management Triangle
A model demonstrating the relationship between Cost, Time, and Quality/Performance in project management.
Cost
Cost
Represents the budget of a project; staying within budget is crucial.
Time
Time
The deadline by which a project must be completed; timely execution is essential.
Quality/Performance
Quality/Performance
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Interdependencies and Constraints
Interdependencies and Constraints
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Cost in Project Management
Cost in Project Management
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Time in Project Management
Time in Project Management
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Quality in Project Management
Quality in Project Management
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Trade-offs in Project Management
Trade-offs in Project Management
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Study Notes
Project Management Triangle
- The triangle represents the balance between Cost, Time, and Quality/Performance in project management.
- Cost represents the project's budget. Economic projects stay within the specified budget.
- Time represents the timeframe or deadline for project completion. Reasonable timelines should meet deadlines.
- Quality/Performance is the project's standards and includes aspects of safety, value, and benefits. Adequate quality is essential
- These three aspects are interdependent; adjustments in one area often require adjustments to others to balance project goals.
- Acceptable, reasonable, and adequate are terms used to describe a balanced project approach that meets an acceptable level of each constraint without compromising too much on any one side.
- The goal is to achieve a solution that balances all three effectively.
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