Project Management: Key Variables for Managers

Project Management

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Table of Contents
Introduction.................................................................................................................................................2
Scope...........................................................................................................................................................2
Schedule......................................................................................................................................................2
Budget.........................................................................................................................................................3
Quality.........................................................................................................................................................3
References...................................................................................................................................................5

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Introduction
There are four key variables in the success of the managers that helps in evaluating the
effectiveness while managing a particular team. The variables are as follows: Scope, Schedule,
Quality, and Budget. The managers work under these variables in order to complete the tasks
given to the manager or to his team. These four variables are very important in carrying out a
project. It helps the managers in understanding a problem which may arise while executing a
project. The three variables scope, schedule, and budget are referred to as the ‘Iron Triangle’.
The manager has to manage the variables in an efficient manner to avoid cost and time overruns.
Scope
Scope is one of the first and important key variables in managing a task. It determines the goals,
deliverables, and a task of the project. With the help of these variables, the manager can come to
know what is to be included or not as project tasks. The scope helps in performing the work that
is to be delivered within the prescribed time and with its functions. It helps the managing team in
making decisions about the project. A scope is a part of planning a project which involves a
determination of a list of project tasks, features, functions, deliverables, and costs (Martens and
Carvalho, 2017). The project scope is used in explaining the boundaries of the project and helps
the member of the team to focus on the task. The first key variable has effects on the other
variables. The project scope reflects all the needs of the project which helps the project manager
to improve the delivery of the product or services.
For instance, suppose an event manager has to plan an engagement event on the day of the
commencement. Such an event needs some information regarding the scheduled date and time. A
manager needs to specify all the arrangements of the event and the most important is to see how
much the client can afford. It helps in determining the overall scope of the task so that a manager
can divide the tasks among the members to complete the project.
Schedule
The schedule is another important variable in managing any project. It is the list of activities
which are performed by the team for fulfilling the scope of a project. The list includes the
duration of activity, variables, and interdependencies. The project schedule helps the managers in
managing the resources smoothly and also help in communicating the clients to prevent delay in