The iron triangle: Schedule, Quality and Cost (35%) 4. (35%) In a project, the m

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The iron triangle: Schedule, Quality and Cost (35%) 4. (35%) In a project, the manager thrives to achieve goals for 3 variables: time, quality, and money. Usually you draw a triangle with three vertices S, Q, and C and a project corresponds to a point inside the triangle (this is a way to model the project) Ideal case is project is done in no time or in one day, superior or perfect quality, spending zero dollars (a) Explain what it means by schedule, quality, and cost of a project. Use a real project to explain (such as Hoover dam, Bronco library renovation, your ECE 480 project(s)) etc. (b) How can you optimize one of these three factors (by sacrificing two other factors say)? Explain for each of these three factors. The triangle model means you are at one vertex say S with fastest schedule, then you are far away from Q and C, meaning quality is poor and cost is very high. Why? Explain this for the Q vertex and C vertex (c) How can you optimize two of the three factors (sacrificing one factor)? Using triangle model again, if you try to optimize both S and Q, (but not C), then where is the project P located in the triangle T? It is not at the vertex S or at the vertex Q, or inside the triangle T; where is the project point P? We usually call this sub-optimizing by having a compromise between S and Q (but sacrificing C). Try to explain this using a real project again. An analogy is if you go to a restaurant with steak (S), fish (F), and vegetable (V) on the menu, you can have steak only (at the vertex S) of 1 pound, fish only of 10 ounces (F) or combination of steak 8 ounces and fish 5 ounces, etc. (d) How can you optimize all three factors Schedule, Quality, and Cost at the same time? Where will the project point P be located in the triangle? Explain using your project example from (a)

Explanation / Answer

PART (A):-

In reference to efficient management of a project the constraints are described as follows:-

SCHEDULE:-

Key Roles of scheduling are:-

QUALITY:-

COST:-

CASE STUDIES

1.In the course of an automotive mechanical project, an unanticipated cost cutting is inflicted due to the organizations sudden financial drop down.

2. In the course of production of a new tablet, the stakeholder demands that inaugration date is preponed by a fortnight in-order to coexist an upcoming trade event.

  

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