Sufficient time and cost management are the cornerstones for successful project completion. The most important reason and benefit of managing project time and cost are to finish the project on time and within budget; failing to do so results in not meeting stakeholder or customer expectations. Creating and utilizing project management tools such as a project network or prioritization matrix help project managers manage project time and cost. Project managers reference the specifications of the project schedule and budget to develop robust project management tools. However, the same tools created using project time and cost information help with effectively managing time and cost. Therefore, misalignment in one hinders the use of the other. For example, in order to modify variables in the project network, mismanagement of project time and cost could lead to delays in critical path activities. Likewise, mismanagement of the project network hampers the ability to finish the project on time and within budget. Failure to manage project time and cost can also lead to inadequate time and cost trade-off decisions when issues threaten the project’s schedule and budget. When project issues arise, time and cost trade-off decisions are contingent upon information supplied by project management tools (Thibodeaux, 2016). The following project summaries represent how proper management of project time and cost leads to meeting stakeholder expectations and project success.The September 11, 2001 terrorist attack on the Pentagon resulted in the creation of the Pentagon Phoenix project. This project was responsible for 'rebuilding of the sections of the Pentagon that were most severely damaged by the attack’ (Sullivan & Sheakly, 2003, p.1). Specifications of the project
ASSIGNMENT 98included (but not limited to) completing more than 30,000 different activities, removing over 56,000 tons of debris, and required at least 3.0 million hours work. Despite the arduous task facing the Pentagon Phoenix project team, the project completed ahead of schedule and under budget. The Chairman of the Joint Chiefs of Staff, General Richard B. Meyers, thanked the team and said, "You've restored this great building ahead of schedule, with muscle, determination, marble, cement, and Indiana limestone. You did more than repair our windows and walls, you repaired our souls. In the process, you turned this building into another symbol, one of American resilience."In 2009, the United States Department of Energy (DoE) launched a project to install ‘446 precast concrete vaults to hold as many as 939 stainless steel waste canisters—enough to support waste disposal for at least 20 years’ (Project Management Institute, 2020). The project launched in 2009 with a budget of $77.6 million. The project was a huge success by completing six months early, $5 million under budget, and exceeding stakeholder expectations (Perry, 2019). The DoE project team even won third place for project excellence in the 2019 Project Management Institute Awards.