Blog Post: Quality, Cost, Time
Quality, Cost, Time: The Three Pillars of Project Management
In the realm of Project Management, three key factors play a pivotal role in determining the success of any project. These are Quality, Cost, and Time. Understanding the interplay between these three elements is crucial for effective project management.
Quality
Quality refers to the standard or benchmark that the project is expected to meet. It is a measure of excellence or a state of being free from defects, deficiencies, and significant variations. Quality is brought about by strict and consistent commitment to certain standards that achieve uniformity of a product in order to satisfy specific customer or user requirements.
Cost
Cost is the financial expenditure involved in the execution of the project. This includes the cost of resources, materials, labor, and any other expenses that are necessary for the project. The aim of effective project management is to complete the project within the stipulated budget.
Time
Time refers to the schedule or timeline within which the project needs to be completed. Every project has a start and end date, and managing the project effectively involves ensuring that the work is completed within this timeframe.
For more detailed information, you can refer to the Project Management Triangle on Wikipedia, which explains the concept of Quality, Cost, and Time in depth.
Caly.ch 