Project Control Variables

The project control variables with respect to project management include few aspects which are essential to acquire control for the project success. The essential ones are time, cost, quality, scope and risk.

Time

With respect to projects time play a crucial role. Time here states the estimated period to complete the project. It defines as to how long it takes to achieve the specified goal.

Since each project is split into tasks, a time should be set for each task which in turn sets a time bond for the project itself. Time scheduling is generally done by the project manager.

Cost

Cost here refers to the price of the project development. Costs differ from one project to another. Cost is inter-related with time. Costs are calculated by multiplying the project time with the cost of team members involved in a project. Project costs are categorized into 3 types namely:

• Rate-based
• Pre-use Cost
• Fixed Cost

Quality

Quality is the means to measure the job done. It is the degree of excellence of work done. Quality can be either “high quality” or “low quality”. High quality indicates superiority or higher standard; where as high quality indicates inferiority or low standard.

The project manager is responsible for the maintenance of the quality of the project. The project quality plans are usually required to trace the implicit and explicit standards that are associated with the project.

Scope

Scope of a project indicates the work required for the completion of the project. Scope widely varies from one project to another. It is the summation of all the resources and the time bound of the project.

Risk

Risk is associated with each and every aspect; it is also integrated with the concept of project management. Risk is termed as the degree of loss or failure.

Insurance is the best solution for risks. It mainly provides the recovery of financial losses.

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