Lesson 05: Project variables
Quiz
- Why is time one of the variables monitored in a project?
- Why is cost one of the variables monitored in a project?
- What are benefits?
- What is the scope, and why is it monitored?
- Why is quality monitored?
- Why do we need these variables in a project?
- How are the seven project variables used when discovering a new issue?
- The end date of the project is essential for a few reasons
- Know when the final project output will be available.
- Know when resources can be released for another project.
- The cost of the project should be continually monitored
- I need to know the cost of the project.
- The cost value is essential for checking the business justification.
- The cost will also affect the benefits
- Benefits are the desirable return of the project, and they should be quantified and measurable.
- E.g., a 20% reduction in cost for the next three years
- Scope is the sum of the products delivered by the project. Some projects can start with a clear overview of what the project will deliver but can expand due to a lack of control. It is a good idea to clarify what is within and outside scope at the start of the project.
- Projects produce products that users use. Quality is about meeting user needs so the products can be used as expected.
- The seven project variables are used to monitor and report the project status.
- While analyzing an issue, the project manager can ask: What impact does the issue have on time, cost, benefits, quality, etc? The answer to this question helps the project manager understand how sensitive the issue is for the project.
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