Project Performance

Abstract

Three major dimensions that define the project performance are scope, time, and resource. These parameters are interrelated and interactive. The relationship generally represented as an equilateral triangle. The relationship is shown in figure 1. It is evident that any change in any one of dimensions would affect the other. For example, if the scope is enlarged, project would require more time for completion and the cost would also go up. If time is reduced the scope and cost would also be required to be reduced. Similarly any change in cost would be reflected in scope and time. Successful completion of the project would require accomplishment of specified goals within scheduled time and budget. In recent years a forth dimension, stakeholder satisfaction, is added to the project. However, the other school of management argues that this dimension is an inherent part of the scope of the project that defines the specifications to which the project is required to be implemented. Thus the performance of a project is measured by the degree to which these three parameters (scope, time and cost) are achieved. Mathematically Performance = f(Scope, Cost, Time) In management literature, this equilateral triangle is also referred as the "Quality triangle" of the project.