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Even if the deadline remains fixed, delays or changes to other elements within the time constraint will require adjustments in cost or scope to rebalance the project and ensure its successful completion.
Here are some of the most common repetitions that can affect the time constraint of a project:
Delays in delivery of third-party resources and materials
Addition of new deliverables to the project by the client
Poor estimation of the time required for certain tasks or project milestones
Illness or absence of key team members
While PMT requires project managers to balance all three constraints to operate successfully, it is also important coo email list to remember that there are things that can be done proactively to minimize time disruptions and better manage time . These include:
Channel additional resources and talent toward a task to complete it more quickly
Reassess the need for your task schedule and eliminate those that are no longer necessary
Forming a multitasking team
Rank tasks based on team talent (i.e. assign the most complex tasks to the most skilled workers)
Managing customer deadline expectations from the start
2. Cost
Almost every project has a budget set at the beginning of the work. As a project manager, you will often be responsible for setting this budget based on your perceived and estimated costs in relation to a number of different factors, such as raw materials, facilities, inventory, equipment, tools, and talent (staff).
A good budget is both realistic and takes into account the client’s pocketbook, while a bad budget doesn’t track its financial KPIs and is over budget at the drop of a hat in time and/or scope.
However, as a project manager, it is not always up to you to propose a budget. Often, it is the client who sets the budget.
For example, a customer who comes to a custom car shop to refurbish his father's old car may only be willing to spend $20,000. This leaves it up to the shop's project manager to manipulate the project scope and timelines to meet the customer's requests.
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If in this case the client also sets the deadline (and let's say that deadline is tight), then the project manager has to make severe restrictions on the overall scope of the renovation to encourage a balance between time and cost.
Unfortunately, there are other factors that can influence the cost and successful completion of the project. Here is a list of common factors that negatively affect cost limitation of a project:
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