Class 10 Project Tradeoffs.ppt - MEM 501 Project Management...

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1 MEM 501 Project Management Class 10: Project Tradeoff Analysis Method of Tradeoff Analysis Contract influence Industry Tradeoff preferences PM
Project Tradeoffs The PM controls project resources with the constraints of: Time Cost Performance It is extremely difficult to stay within this triangle Tradeoffs will deviate time, cost, and performance from their target values. Time and cost deviations are overruns Performance deviation/error is underrun (shortage in specs delivery)
Project Constraints A. One element is fixed at a time Time Cost Performance Project A1 Fixed Variable Variable Capital equipment A2 Variable Fixed Variable ? A3 Variable Variable Fixed R&D projects B. Two elements is fixed at a time B1 Fixed Fixed Variable Professional consulting B2 Fixed Variable Fixed Capital equipment B3 Variable Fixed Fixed Non-process type equipment C. Three elements fixed/variable C1 Fixed Fixed Fixed Total success C2 Variable Variable Variable No tradeoff/constraints
Methods of tradeoff analysis Systems approach (Six Steps : 1. Recognize and understand the basis of project conflict 2. Review project objectives 3. Analyze project environment and status 4. Identify the alternative courses of action 5. Analyze and select the best alternative 6. Revise and get approval for the enhanced project plan
The systems approach What are the project objectives? What are the constraints (physical, financial, timing, policy)?

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