The paper "Success Factor in Project Management " is a great example of management coursework. The intentions of most development and research projects are to ensure that all elementary activities are accomplished within the stipulated time and costs as assimilated by the project managers. In most cases, failure to meet some of these costs and assumed project periods means that the project is likely to fail. From a professional point of understanding, different projects require different scales of inputs and affiliate resources. However, there are some standard measures and aspects that influence the success of these projects.
Prior to the detailed analysis of the factors that facilitate the success of the projects, it is essential first to assess the key elements of a project and project management (Dorian, 2011). These elements are considered as the project triangle or the three key elements of projects. The paper intends to address the three key elements, which will act as a guide towards a decisive selection of essential factors that contribute to the success of projects. These elements are considered to be the most standard constraints that every ongoing project is likely to face. The three elements (constraints) in project management The three major elements or constraints in project management include cost, scope and time (Turner, 2014).
They are the ones that are considered even when the project management team is making a decision on the right approach or method to use in determining the completion time of the project. Thus, it is after analysing these factors that it becomes easier to determine the success factor in project management and the appropriate approaches with regards to risk management and mitigation. Cost It is paramount for both the organisation and the project manager to have a cost-estimate when undertaking projects.
The main agenda is to ensure that the budget facilitates the development and implementation of the project, even at a lower cost than stipulated (Turner, 2014). At times, it is imperative for the project managers to allocate resource and allocate additional resources in a bid to meet the set deadlines of the projects. Increased costs arise from the additional requirements with regards to wages, bills, and other miscellaneous factors that have to be there for a project to complete within a desirable time. Time Time is the central factor when the project managers intend to determine the earliest and latest completion times for the projects.
A project’ s activity can either take shorter or longer time to complete. These periods are determined by the use of methods such as Critical Path Method CPM Critical Path method or GANT (Meredith, & Mantel, 2011). The completion of these tasks depends on a series of factors including the experience, skills, and the tally of people undertaking the project.
It is one factor that cannot be erased from the general outline of the essential factors in the project. Failure to meet the stipulated deadlines is usually an adverse course that could mean that the project management team failed to complete the project effectively, sometimes calling for the addition of resources. Scope The third factor is Scope. It is an element that acts as a measure of the outcome of the project undertaken. It comprises of a list of deliverables, which need to be addressed by the team conducting the project.
In most instances, successful project managers are expected to have ample knowledge in managing the project and any other aspect that could signify feasible changes in the project (Turner, 2014). Failure of the project manager to consider this issue means that the project is likely to consume more resources or take more time than expected to complete.
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