PMcrunch

Basic project management teaches us that quality is defined by meeting requirements, but not exceeding them. If we deliver more than what the customer asked for, it is considered to be gold plating – a bad thing. The premise is that there is a balance as per the triple constraint among quality, cost and schedule, and that it is the job of the project manager to manage that balance. In these tough times, however, how can a project manager produce excellence and in essence exceed customer expectations without gold plating?

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Project Portfolio Management, like Investment Portfolio Management, is a balancing act that requires constant monitoring and adjustment over time. Whereas an individual may have the right balance of risk, return, income, growth and others represented in an investment portfolio, a project portfolio is similar in many ways. Risks, returns, resources required, and alignment with overall strategy are just a few of the factors that must be kept in balance over time.

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I have encountered misunderstandings numerous times due to different concepts of the meaning of the word ‘plan’. There are various types of plans. In Project Plan Integration, we pull together various aspects of the project plan, which taken separately actually represent separate plans. One of those plans, the Configuration Management Plan, is one that I have encountered misunderstanding over.

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What does you organization “tolerate”? This is an important question to ask because you will know where you have some flexibility, and you will know where you have risks and inflexibility. You may very well also find out where your organization is lacking, and where it needs some reform in its project management practices to become a much more streamlined, and lean operating machine. A useful tool for thinking about this is the triple constraint.

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We all know the definition of a project is an undertaking that produces a product by a target date and within an agreed cost. This triple constraint (product, time and cost) is what the project manager must plan for and track progress against. But are the three dimensions equal in priority?

The answer is no – some projects are cost constrained; some have an immovable end date while others may place a priority on the product quality. Understanding the priorities on your project (and agreeing with your project sponsor on the priorities) is critical.

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