Project Management Trade Off Skills Essay

887 Words May 8th, 2016 4 Pages
Project Management Trade-off Skills
Project management is a systematic approach to manage projects by applying tools and techniques to project activities to enhance an organization’s overall performance and productivity, resulting in a return on its investment. Quality project management best practices can have an impact on net earnings, and some companies fall short due to the absence of consistent and effective project management processes (Labrosse, 2008). Project teams often lose sight of project objectives relative to time and cost, while primarily focusing on the tasks at-hand and the associated deliverables. Effective management processes include project managers (PM) having the skills to understand the benefits of establishing a balanced approach to addressing project management trade-offs such as cost, time, and performance objectives (Smith-Daniels & Smith- Daniels, 2008). Successful project management can depend on how well resources are controlled; however, since not all projects are the same, a PM’s trade-off skills play an essential role when determining the most lucrative resource trade-off approach and how decision-making can be influenced by the type of project contract (Kerzner, 2013).
A contract is an agreement between a seller and a buyer; the seller agrees to deliver a product or service and the buyer agrees to procure that product or service (Ward, 2000). According to Kerzner (2013), there are various types of contracts; from the cost-plus which is…

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