Project Management

Running head: COST, SCHEDULE AND REQUIREMENTS 1

COST, SCHEDULE AND REQUIREMENTS 5

 

COST, SCHEDULE AND REQUIREMENTS

Kedrian Ramos

Southern New Hampshire University

Professor Girouard

When it comes to project cost, this has a very significant impact on both the project requirements and schedule. In this case therefore, in any case if and when the project cost is reduced, this will affect the project schedule in a way that the project schedule will have to be constricted in order to ensure that the cost that has been reduced is met. In this case therefore, the reduction in cost means that the scheduling will be affected in a way that it will be reduced which will also affect the general outcome of the same (Habibi et al., 2018). When it comes to requirements, a reduction in project cost will have a very huge impact on this, if a project in this case had certain requirements that it needed to have for the success of the same, this means that if the project cost is reduced, this will directly affect the requirements that will be needed to actualize the project. In this case therefore, the requirements will be cut down in order to meet the current budget that has been presented and this will directly have an impact on the general outcomes of the said project.

When it comes to reducing the project schedule, this will always have a significant impact on all aspects of the said project. Decreasing the length in which the project is supposed to take is usually considered to be a very hard or rather negative thing to do. If the scheduled time is decreased without putting into considerations the effects that might come with the same this will cause a very significant impact on the general performance of the project and specifically the fulfillment project expectations (Habibi et al., 2018). Specifically, this will affect the cost in a way that by reducing the time of the project this means that people will have to work more that the time that was initially allocated to the which means that there will be an incur cost on paying people overtime expenses and even paying for services that have not been carried out. On the other hand the decrease in project schedule means that the requirements to the project will also be affected in a way that they will increase since there will be a shorter time to complete the project and more requirements will be the only thing that will make the project to be achievable.

When the project requirements on the other hand are increased, this also has an impact on both the schedule and cost in a significant way. An increase in project requirements to begin with will always increase the cost. If the project ends up asking for more requirements that it initially needed, this means that there will be a need to deep in to the project and allocate more funds to the project which will be an extra expense which means there will be an increase in cost. When it comes to scheduling, the increase in requirements means that there will be a stretch in the time, in most cases an addition in requirements means that there will be a procedure that will have to be followed with in order to ensure that the additional requirements are approved (Van Den Eeckhout et al., 2019). This therefore means that the scheduled period will be stretched which in this case means that the project time schedule will be stretched with the time in which the requirements proposed will be approved.

Looking at the above conditions, there are situations where a project that I was working on was affected by an increase or a decrease in either of the three aspects that have been discussed in this case. A good example of a project that demonstrates this was when there was a construction project in an institution that I was working on, when the project was half done, the contractor talked to the management and told them that there was a need to increase the requirements that were there. This was a very big requirement that the management knew that it will afefect both the cost that was anticipated that the project would have and also the scheduled time that the same would have had taken. In this case therefore, the increase in the requirements that were needed for the construction project to be accomplished meant that another allocation on money was to be done. In this case therefore, this meant that a whole protocol was to be followed for the added budget to be approved. This therefore took a whole month to be approved and this meant that the project would be stretched for another one and half months for it to be accomplished.

Reference

Habibi, F., Barzinpour, F., & Sadjadi, S. (2018). Resource-constrained project scheduling problem: review of past and recent developments. Journal of project management, 3(2), 55-88. http://m.growingscience.com/beta/jpm/2689-resource-constrained-project-scheduling-problem-review-of-past-and-recent-developments.html

Van Den Eeckhout, M., Maenhout, B., & Vanhoucke, M. (2019). A heuristic procedure to solve the project staffing problem with discrete time/resource trade-offs and personnel scheduling constraints. Computers & Operations Research, 101, 144-161. https://www.sciencedirect.com/science/article/pii/S0305054818302491