The Three Factors Of Performance, Schedule And Cost In Project Management

The three factors of performance, schedule and cost are vital to project managers. Their interactions can lead to a number of consequences on the project plans (Ward & Peppard, 2002). Performance refers to the operational and support features of a system which allows it to successfully accomplish the set goals. The support features of such systems includes both the support elements responsible for system operation and the supportability aspects of the current design. Schedule refers to the series of things which are to be done based on a specific sequence and within a specific period of time. Cost refers to the ability of a system to achieve a program 's life-cycle objectives. As a result, it includes the impact of budget and affordability

Risk analysis is any activity that seeks to examine every identified risk so as to polish the description of that particular risk, isolate the various causes, ascertain the effects of such a risk as well as assist in devising possible mitigation measures (Lari, 2009). A change in either schedule, cost or performance can lead to consequences in the other factor. Analysis begins with a comprehensive study of those risks that have been recognized. The goal is to gather enough information possible future risks so as to know the basis of their existence, their chances and the consequences in the event that they were to occur. Risk assessment underlies (In addition, it is the project manager’s role to show the impact on the three constraints and thereafter create the necessary balance between them. Besides, the Iron Triangle is one of the best tools for discovering the priorities and motivation of the various stakeholders as well as how well the project is understood) discrete actions to identify and analyze the

These includes the flyaway cost, program acquisition cost, development cost; life-cycle cost, procurement cost, weapon system cost and the operating support (O&S) cost. This standardization of terminology offers a common frame of reference that is uniform and consistent. This becomes very useful in the identification of what is either included or excluded from each cost term, and how each cost term relates to work breakdown structure elements, budget appropriations, as well as to life-cycle cost categories. These terms also inaugurate a basic definitional edifice for understanding acquisition program costs as used in fiscal guidance, program decision memorandums, selected acquisition reports and budget