What's the realtion between cost ,time & quality in project management?
Question:
Answer:
It's often called scope. You have a set relationship between cost, time, and quality. If you move one, the others move. It's often used as a negotiation tool when someone wants to add features or take away resources or shorten time for the team to complete the project.
I don't know but lets touch base for a feedback session next tuesday?
(Two pistol hip salute).
Sometimes you need to spend more time to make a higher quality product. But sometimes spending more time costs more. And sometimes doing a rush order costs more because you have to pay overtime or purchase materials at a higher price because you don't have as much to shop around. So you have to balance between having a low-cost product, a product finished in a timely manner, and a high-quality product. You can't always have all three.
You can have a project quickly.
You can have a project inexpensively.
You can have a project that is well done.
Pick TWO of the above.
If you want quick and cheap, it won't be good.
If you want cheap and good, it won't be quick.
If you want quick and good, it won't be cheap.
Your choice. That's the relationship in a nutshell.
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