Balancing Speed, Cost, and Quality

BALANCING SPEED, COST, AND QUALITY 4

BalancingSpeed, Cost, and Quality

Inany project, the success is usually marked by the ability to producethe required outcome while at the same time exercising effectivecontrol over the time and costs. Achieving an equilibrium betweentime, cost and quality is a challenge that is faced by many projectmanagers.

Increasedpressure to complete a project ahead of time is a challenge that canbe countered by ensuring proper initiation of the project is one ofthe steps. This can be done by ensuring that all involved staff havebeen assigned specific duties and deadlines (Schiff,2015).In some cases the project manager can even assign earlier deadlines.Proper communication with the relevant stakeholders is also key insuch instances. In addition, the project manager may be forced toincrease resources in terms of finances and personnel to meet thispressure. However, the manager should also avoid giving in to thequality, speed, and cost tradeoff (Beningo,2015).

Incases of reduced financial and human resource, time becomes the mainfactor that can be employed to counter the shortfall of resources.The manager has to factor in much more time to ensure that the samequality has been achieved albeit with lowered resources.Prioritization of the important aspects of the project as well ascollaboration technology may be fundamental in accessing knowledgeand content hence making reducing costs and improving quality.Furthermore, the manager can decide to choose the level of qualitywhich is absolutely necessary (Beningo,2015).

Thepressure and stress may cause poor performance and errors. These inthe long term will lead to time constraints especially due to timewasted correcting errors as well as compromise in the quality. Inaddition some staff members may develop an attitude normalizing thehurrying of projects even when there is adequate time.

Compromisingthe quality of a project has several effects including thedemoralization of the project team. Frustration is almost likely toset in upon the staff when errors occur and this could eventuallydestabilize the general functions of the organization. In addition,the poor quality of the work could be disseminated to other potentialclients who may withdraw their interests to procure services fromthis organization. Ultimately, the organization will face reducedprofits and slow progress in terms of growth (Schiff,2015).

References

Beningo,J. (2015, March 25). Don`tGive in to the Quality, Speed, Cost Tradeoff .Retrieved from EDN Network:http://www.edn.com/electronics-blogs/embedded-basics/4439026/Don-t-give-in-to-the-quality–speed–cost-tradeoff

Schiff,J. L. (2015, January 29). CIO.Retrieved from 7 ways project managers can anticipate, avoid andmitigate problems:http://www.cio.com.au/article/565027/7-ways-project-managers-can-anticipate-avoid-mitigate-problems/