Project Management
Project Management is the planning, definition and monitoring of scope, schedule, and budget;
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Scope is the definition of "what" is to be accomplished; Scope is defined and conveyed to team members to ensure alignment of expectations, avoid redundancy and ensure comprehension of the tasks at hand.
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Schedule is the duration allotted to accomplish the Scope. The complexity of the schedule is to be aligned with the complexity of the project.
- Budget is the planned cost of the Scope within the allotted schedule; the “Probable Cost of Work”.
The execution of the Scope, Schedule and Budget is the process that drives the project’s success; proper definition, team buy-in, alignment of expectation and accountability are critical to proper execution. The management of the project plan should examine and include:
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Resource Allocation – the assignment of personnel and other physical needs to accomplish the defined tasks within the defined Schedule and Budget.
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Recovery Plan – A change to any of the three legs of the chair affects the other. A scope increase or decrease will affect the Schedule and Budget.
- Contingency – provides at onset of the project a cushion to the schedule and budget to deal with unforeseen events / undiscovered territory.
