Question

Trade-offs can be necessary at any point in time during the life cycle of a project. It is quite possible, and probable, for the criteria for the trade-offs to change over the life cycle of the project. Please also identifies how the relative importance of constraints of time, cost, and performance can change over the life cycle of the project.

Answer 1

Answer:

According to the Principles of Project management, the three factors which dominate the lifecycle of any project are:

1. Time;
2. Cost; and
3. Performance.

The relationship between the three is usually governed by trade-offs.

Explanation:

In simple term, in executing a project, one must deal with the factors mentioned above.

It is always desirous for a project to be finished within a stipulated time. If the time required is reduced inconsiderably, it will most likely incur more cost and even impact performance.

On the other hand, if the project is cost-sensitive and is executed to a very minimalistic budget, performance will be impacted and it may take a protracted amount of time.

In addition to the above, if the principal decides to change the original design of the project, the performance expected is altered. This will attract additional time as well as cost.

It is possible for any of the above factors to be renegotiated and readjusted at any time during the project. It usually is a trade-off.. that is one for the other.

Cheers!