The role of time, cost and quality in project management

Abstract

Project management has emerged as a field of practice that is being used increasingly by organizations to achieve their business goals. Since the concept ‘survival of the fittest’ best describes today's business environment, good project management performance assessment tools are needed in order to make an organization ‘the best of the best’. Project completion within time and cost, while maintaining quality is very important for the success of projects. Therefore, the purpose of this paper is to analyse the key variables of time, cost and quality and determine their roles in project management performance. A problem was constructed together with different scenarios to analyse the relations of these variables according to conditions given. With the help of Microsoft Project, the authors were able to narrow down the findings in all scenarios and summarize the patterns of strategies based on these variables to make an appropriate decision on planning the project.