University Assignment: Estimating Time, Budget and Project Resources

This report examines the critical aspects of project management, focusing on estimating time, budget, and project resources. It explores the concepts of time, budget, and resources from a project perspective, highlighting how they are interconnected and influence project success or failure. The report delves into the dependency of these three elements, often referred to as the triple constraints, and their impact on project outcomes. It emphasizes the role of a project manager in effectively planning and managing these constraints to achieve project goals. The report concludes by summarizing the importance of balancing time, budget, and resources for successful project delivery, underscoring the project manager's proficiency in handling these aspects throughout the project lifecycle. The report is based on research and analysis of project management principles and practices, with references to relevant literature.

Running head: ESTIMATING TIME, BUDGET AND OTHER PROJECT RESOURCES
Estimating Time, Budget and other Project Resources
Name of the Student
Name of the University
Author Note

1ESTIMATING TIME, BUDGET AND OTHER PROJECT RESOURCES
Table of Contents
Introduction................................................................................................................................2
Concept of Time, Budget and Resources from the perspective of a project..........................2
Dependency of Time, Budget and Project Resources on each other.....................................3
Dependency of project success or failure on the three aspects..............................................3
Conclusion..................................................................................................................................4
References..................................................................................................................................5

2ESTIMATING TIME, BUDGET AND OTHER PROJECT RESOURCES
Introduction
A project is usually conceptualized as undertaken goal that it is to be achieved with
the help of transient Endeavour and it should be met by putting in efforts to produce output
that would bring about outcomes or benefits. It can either be successful or can be considered
as a failure based on the achievement of the objectives aiming to the goal. However to
consider it as a successful, there are some set standard within agreed time, budget and
resources that should we met accordingly (van der Hoorn 2016). Therefore, the concept of
time, budget and project resources fall into place during the discussion about a project. The
following report would bring about the concept of these three aspects of a project and how
the aspect depend upon each other for making a project successful or failure.
Concept of Time, Budget and Resources from the perspective of a project
Concept of time in a project: The concept of time in a project is identified by days
or dates that define when attached need to be completed for a project. It can also be the
expected amount of time that is required for a project to be completed (Kwon and Kang
2018). During every project it is extremely important that every task within the project is
defined by a timescale which forms the primary idea of the starting point and the completion
of one task within a project.
Concept of budget in a project: The concept of a project budget is a fixed financial
resource that is allocated for a project for reaching a particular goal defined through a specific
period of time (Fink and Pinchovski 2020). This is the amount of allocated money that the
sponsors of the project would invest into the project on the basis of the financial documents
and initial project documents presented to them and they are sanguine about investing and
amount to the project after ensuring suggested benefits from the successful project.

3ESTIMATING TIME, BUDGET AND OTHER PROJECT RESOURCES
Concept of resources in a project: Resources can be defined by the necessary assets
required for a project to carry out and reach its primary goals as set at the initial planning
phase of the project. It helps the project to move on for reaching its ultimate goal and can be
of various types. It can either be a human form, finances, time, tool or a team (Davidson
Frame 2014). Mostly there are different resources with the project that need to be assessed
before a project is initiated. The resources are dependent on the goal that the project is trying
to achieve.
Dependency of Time, Budget and Project Resources on each other
As per the idea of project management depicted in several project management papers
written by different researchers, project management and its constraints are dependent upon
each other. These constraints are known as the triple constraints which consists of cost,
resources and time (Ali Khan 2019). Arguably, these three are the single most important
concept for a project. The task that are required to fulfil the primary goal of the project are
defined by the project resources with the time schedule for the completion of each of the
tasks Defined by the resources. These are dependent on the final constraints of the project,
which comes from the project finances that is required for having the resources together to
complete the task. The success of a project is dependent upon all the three constraints. As a
project manager these three constraints are to be e given the most focus at. If any one of them
is given less focus to the other two might be heavily penalized to some extent for this reason.
Dependency of project success or failure on the three aspects
If it is thought from the aspect of managing a project, it can be considered that all
these three aspects of a project are the boundaries in which the project team has to perform.
This restriction enhances the creativity to provide a framework to every person within the
project team such that the achieving of a particular goal is done by manipulating the three
aspects and adjusting it as needed when any issue arises (van der Hoorn 2016). The project

4ESTIMATING TIME, BUDGET AND OTHER PROJECT RESOURCES
manager who is able to notice all these three constraints and make the project team work
accordingly keeping in mind about altering the three constituents according to the need of the
project can be considered as a far-sighted project manager. This is because, matching the
schedule, cost and project resources is extremely necessary on how a project can feasibility
reach its goal. As it has been already discussed earlier that each of them is dependent on one
another and neither can be given less focus on to, naturally it is given that the success of a
project depends on how these three aspects are handled well within a project. Losing focus on
any one of them would indeed make the project meet its failure.
Conclusion
In conclusion, it can be said that the dependency of a project success or failure is
measured by the way by which the schedule, cost and project resources are handled. All the
three project aspects are dependent on each other and can be defined by one another. It is
clear that the project manager is responsible for planning out the utility of all the three aspect
at the project initiation phase. The proficiency of the project manager is understandable on
how the three aspects are managed during the entire project runtime handling issues by
manipulating each one of them and never losing focus on any of the three aspects of time,
cost and resources for a project.

5ESTIMATING TIME, BUDGET AND OTHER PROJECT RESOURCES
References
Ali Khan, Usman. 2019. "An Informative Study Of Project Management
Constraints." International Journal of Science and Research (IJSR) 8(2): 693-695.
Davidson Frame, J. 2014. "Reconstructing Project Management." Project Management
Journal 45(1): e2-e2.
Dinsmore, Paul C, and Jeannette Cabanis-Brewin. 2014. The AMA Handbook Of Project
Management. New York: AMACOM.
Fink, Lior, and Barak Pinchovski. 2020. "It Is About Time: Bias And Its Mitigation In Time-
Saving Decisions In Software Development Projects." International Journal of Project
Management 38(2): 99-111.
Kwon, Hyukchun, and Chang Wook Kang. 2018. "Improving Project Budget Estimation
Accuracy And Precision By Analyzing Reserves For Both Identified And Unidentified
Risks." Project Management Journal 50(1): 86-100.
van der Hoorn, Bronte. 2016. "The Project-Space Model: Visualising The Enablers And
Constraints For A Given Project." International Journal of Project Management 34(2): 173-
186.