Importance of Iron Triangle Parameters in Project Objectives

FINANCIAL REPORTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART A...........................................................................................................................................1
1. a) Importance of the various iron triangle parameters in setting the Overall Project
objectives....................................................................................................................................1
b) risk register............................................................................................................................3
2 Planning and cost...................................................................................................................30
3. Managing progress and spending..........................................................................................38
4. Earned value analysis............................................................................................................38
PART B..........................................................................................................................................40
Reflection .................................................................................................................................40
CONCLUSION..............................................................................................................................42
REFERENCES..............................................................................................................................43

INTRODUCTION
Project management may be defined as a practice which mainly includes five aspects initiation, planning, executing, controlling
and closure. The main motive behind the adoption of project management is to meet goals within specific time frame by taking into
account constraints. The present study is based o9n the case scenario of Automotive Futures which is involved in technology
contracting, consulting and product/software development. Company has specialization in automation as well as wide range of new
products. In this, report will provide deeper insight about the aspects of project life cycle. Besides this, it will develop understanding
about the extent to which risk register helps in managing projects effectually. Further, report also entails how gantt chart helps in
monitoring the progress of project. It will also presents how earned value analysis can be used under project management for cost
allocation and assessment.
MAIN BODY
PART A
1. a) Importance of the various iron triangle parameters in setting the Overall Project objectives
Iron triangle are the basic factor that are accounted for during planning and delivery of any project. three
factors of iron triangle are well named as Scope, Schedule and Cost. There are many importance which are brought
by the different aspect of the iron triangle to the project manager in conducting the different project as project
triangle used to cover up almost all the aspect of the project management (Bronte-Stewart, 2015). Some of the
importance which are brought by iron triangle are as follows:
Scope: Scope refer to the total amount of the work which need to be done in the organization to deliver the
project. This includes roles and responsibility which has to be performed by the different member in the team to
deliver the project.
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Efficiency of the work: As all the project manger used to have the idea about the amount of the work which
has to be complete to deliver the project it always improves the efficiency of the project. The biggest reason to
support the same is that these element of the it used to reduce the duplicate of the work which eventually help the
company in saving the amount of the resources which has been invested in the project. This eventually help the
company in improving the efficiency of the project as there is a optimum utilization of all the resources at the time
of completing the project. On the basis of the same the project manager used to set more specific objectives.
Cost: Cost refer to the amount of the resources and the time which will be consumed by the organization to
deliver the project. Importance of cost for the project manager.
Quality management: It is one of the biggest importance which used to be brought by the Iron intangibility
to the project manager. As the quality of any project is always measure on some basis such as value of the cost,
efficiency and durability (Liu and et.al., 2016). As Iron triangle used to identify the cost under which the project
need to be complete it help the project manager in keeping the close eye on the cost at the time of setting the
project objective in the organization.
Schedule: Schedule factor is the factor which used to estimate the time which has been allocated to the team
to complete the project and deliver the same on time.
Clarity of thought: As all the work in the project development is not done by the manager itself, they used
to delegate the some sort of the work to the other member in the team. Scheduling aspect of the iron triangle helps
the project manager to understand the workforce which will require for completing the project. On the basis of the
scheduling aspect of iron triangle the project manager used to delegate the different responsibility to the other
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member in the organization to complete the task on the time. This eventually help the project manager in keeping
the clarity of the thought in the organization and among the different team member in the organization.
b) risk register
Risk Management Register for Project
Risk Identification Assessment Response Monitoring and Control
Refer-
ence Event Cause Effect Probabil-
ity Impact
P
x
L
Strategy Trigger Action Responsi-
ble person/s
Review
Frequency
Status date
and general
notes
3

1 Project
specifi-
cation
not
clearly
outlined
Not having
proper
knowledge
Project
de-
layed
4 5 2
0
Miti-
gate
Due to
lack of
time,
Project
manager
did not
clearly
specify
the out-
lines
One of the
main risk
associated
with the
project is
that there
is
probability
that
project
specificati
on may
not be
clearly
outlined.
Many
times, it
happened
that in
planning
phase
client
Technical
team man-
ager
Monthly 14/07/19
register up-
dated and
loopholes
are identi-
fied
4

provide
specificati
on but
they forget
to make an
idea about
business
future
requireme
nts and
due to this
reason
cost
increase at
rapid pace
because
project
specificati
on was not
as per
company
requireme
5

nt due to
which
many
loopholes
remain in
the final
product.
Ultimately
, with
origination
of need
again
project get
started.
Thus, it
can be
said that
due to lack
of
foresighte
dness such
kind of
6