Estimating Project Times and Costs
Estimating project times and costs is a bedrock for effective project planning and control in the following ways: Project Planning: Baseline for Planning: Time and cost estimates provide the initial…
The Importance of Slack
Slack, in the context of project management, refers to the amount of time that a task or activity can be delayed without affecting the project's overall schedule. Slack, also known…
Cost-Duration Tradeoffs
Cost-duration tradeoffs, often referred to as the "time-cost tradeoff" or "crashing," are fundamental concepts in project management. These tradeoffs involve making decisions regarding the project schedule and associated costs. IT…
Iron Triangle
Project managers must continuously monitor and control scope, time, and cost throughout the project's lifecycle to ensure that the project stays on track and aligns with the organization's objectives. Balancing these constraints while delivering value to stakeholders is a key challenge in project management.