Homework # 1 : Personal Project Essay
Over the past years many industries are moving towards IT systems to gain competitive edge in their domains. As a result, technology projects are getting larger and are increasingly gaining greater impact over various parts of the organization. In fact, they carry huge stakes and pose a risk to the company if they fail. Successful project execution is becoming an organizational priority. Evidently, the field of IT project management has gained much more importance over the last few years.
The three most important and divergent constraints that all projects undergo – The Tipple Constraint of project management – are scope, time and cost. One of the first tasks in a brand new project is planning, keeping in mind, the Triple Constraint. This can be achieved through communication with customers with respect to expectations regarding outcome as well as timeline and budget for the expected outcome. Large and small projects can be better planned by assigning clear and tangible values to the triple constraint and understanding ramifications associated with change in any of the constraints. Furthermore, the project plan needs to be revised in case of a change in constraint, in order to achieve the expected goal for functionality and quality. This is one of the most important factors that can lead a project to successful completion. A McKinsey study, conducted in collaboration with the University of Oxford in the year 2012,…