ABSTRACT
Chapters 5 through 7 address Time, cost, and quality. These are often treated as an integrated entity because of the need to perform time-cost-quality trade-offs. As mentioned by Albert Einstein’s quote at the beginning of this chapter, problem prevention is a better strategy than the solution approach. This is applicable to prevent and control strategies for time, cost, and quality challenges faced in STEPs. Figure 4.1 shows an integrated view of time, cost, and quality considerations while Figure 4.2 shows the trade-off axes of the three factors, often referred to as the triple constraints. Integrated view is a theme that is seen frequently in many project management related literatures (Collin, 2001; Martin, 2007; Niven, 2002; PMI, 2004). Time management involves the effective and effi cient use of time to facilitate the execution of a project expeditiously. Time, in terms of project schedule, is often the most noticeable aspect of a project. Consequently, time management is of utmost importance in project management. This is even more critical for STEPs, which are subject to rapid changes in technology. The fi rst step of good time management is to develop a project plan that represents the process and techniques needed to execute the project satisfactorily. The effectiveness of time management is refl ected in schedule performance analysis. Hence, scheduling is a major focus in project management. Many people erroneously view schedule management as project management. But, in fact, schedule management is just one aspect of project management.
