Starting a Project: Budget, Scope, and Schedule

Starting a Project: Budget, Scope, and Schedule

 

To have a fire, there are three things you need, fuel, heat, and oxygen. These three things make up the “Fire Triangle”. Each aspect is reliant on the other two. Without the right amount of each, at the right times, fire is not sustainable. The same is true when creating and managing a project. The “Project Triangle” is comprised of budget, scope, and schedule. Today we will look at these aspects and how they interact with each other.

Budget

When dealing with large projects, setting a budget is a great starting place. Your budget will depend upon the type of project you are working on but there are a few things that you can count on for every project; labor, materials, and supplies. Then there are costs that may be project-specific, like travel expenses, renting a workspace, or hiring consultants.

Scope

As you plan your project a major consideration is the scope of the project. The scope of a project sets the boundaries and expectations of the project. The scope defines what the project will accomplish and how you plan to accomplish it.

Schedule

The scope shows when things are to be done. A project schedule lays out the project’s timeline, including stages, goals, milestones, and checkpoints.

Working Together

As you start your planning process, it becomes apparent that each part of the Project Triangle relies on the other two. If any one of the three triangle “sides” are adjusted you no longer have a complete triangle. If the budget is reduced then that will affect the schedule and the scope. When a timeline is shortened, either the budget will need to be increased or the scope will have to be reduced. If items are added to the scope, then you will need more time and/or more budget to complete the project. These are key points to remember when planning a project and will help you to successfully accomplish your goal.

 

RemTech has experienced project managers that can construct a Project Triangle that fits your organization and goals. Contact us today to see what we can do for you.

 

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