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PM QUIZ 1 - in Project Management there exists something we...

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in Project Management there exists something we call the Triple Constraint. All projects have three constraints that are related: Scope (what are we going to do?), Schedule (when will we have it done?), and Cost (how much do we have to spend?). These three constraints are tied to one another, and a change in one effects the other two. Shorten the schedule, and we either have to reduce the Scope (do less work), or increase the Cost (pay for more people to do the work) The time constraint refers to the amount of time available to complete a project. The cost constraint refers to the budgeted amount available for the project. The scope constraint refers to what must be done to produce the project's end result These three constraints are often competing constraints: increased scope typically means increased time and increased cost, a tight time constraint could mean increased costs and reduced scope, and a tight budget could mean increased time and reduced scope. The discipline of Project Management is about providing the tools and techniques that enable the project team (not just the project manager) to organize their work to meet these constraints. For example, if the cost increases, it is logical to assume that the scope and time will increase as  well. The same thing happens if the cost decreases, the scope and time will decrease too 1. SHORTEN SCHEDULE then budget will have to be increased as you may have to pay more people  to  do the work and scope will be reduced therefore quality will reduce as there is less time. REDUCE BUDGET then schedule will increase as you will need more time and you cannot pay for  as many resources and scope will have to be reduced as you cannot do all the planned work with  less money therefore quality will reduce. SCOPE INCREASED then you have to increase schedule because you cannot complete the  additional work in the same amount of time therefore budget will have to also increase to cover the  extra work and therefore quality will increase because you have more money.
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