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Module Eight Short Paper Outline Template
Prompt: Use this template to complete your outline for this module. Add or delete letters as needed to
complete each question. An outline does not always use complete sentences and does not need to be
detailed.
I.
State your intentions for managing and balancing the scope-time-cost triangle.
A.
B.
C.
II.
Highlight the key risks and obstacles that management will have to mitigate for the plan.
A.
B.
C.
III.
Identify the triggers or signals that management will use to monitor if these risks are occurring
or not.
A.
B.
C.
IV.
Summarize the cost schedule by providing cost categories for the project—rough order of
magnitude (ROM) (very high level) dollar estimates are adequate for this. Note: You may insert
a tabular format here for clarity.
A.
B.
C.
Running Head: SHORT PAPER
1
Short Paper 4
Name
Course
Professor
Date
SHORT PAPER 4
2
Short Paper 4
Introduction
Operationalization of business idea, just like project management, is usually carried out
within a set of constraints. Conventionally, these constraints revolve around the project scope,
time and cost. The three factors are usually referred to as the triple constraint and represented in
the form of a triangle. In today’s business environment, getting a product to the market is one big
challenge that calls for all sorts of sacrifice and dedication. However, the organization must
always find ways of arriving at success.
In most cases, it is always the responsibility of the project manager to ensure that the
project is delivered within the agreed time, within the budget and covers all the requirements as
initially discussed. This article seeks to address the interaction dynamics that characterize
product development regarding constraint triangle, obstacles that management will deal with,
signals on standby that will issue prior warning to the occurrence of the risks and finally the
project cost schedules. The prevailing principle here is that there will always be a way of
managing dynamics or finding a balance between competing characteristics during product
development.
Scope-Time-Cost Triangle
The main challenge with project management is to juggle between three competing
constraints to deliver a successful product. The three constraints include scope, time and cost.
The most interesting thing about the triple constraint factors is that they operate parallel to each
other. In WADRY Company product development, the same challenges are faced by the
operationalization team. Faced by the same challenge, the operation manager in charge of the
SHORT PAPER 4
3
development of the wash and drier product will have to decrease one (time) constraint while
increasing the other two (scope and cost). Similarly, all three factors can be rotated in the triangle
while maintaining the logic of decreasing one and increasing two to achieve success.
The scope
The scope can be defined as the functionality and features needed for project completion.
There are a set of activities and steps required while defining project scope and delivering it
within the agreed schedule and time as well as budget. The first step is the creation of a
document that details specifications. In the document, functionality is broken into User Stories
and Epics, analyze the user story scenarios and specifies the criteria for user stories (Sanchez &
Terlizzi, 2017). The main objective of preparing this document is to highlight key requirements
with a clear picture of where features about such requirements begin and end. The second step is
the design of the product. The team then creates a Work Breakdown Structure based on the two
steps and contains the features that need to be recorded.
The Cost
Cost refers to the total amount of money that is required to deliver a project. If the
WADRY Company management reduces the cost of delivering the product, then they must be
ready to reduce the scope or increase time to deliver on the project.
Time
Time is a valuable resource that cannot be renewed. All projects have deadline dates for
delivering project products. When the management decides to reduce the time for delivering the
product, the operation team will either need to review budget upwards or significantly reduce the
scope.
SHORT PAPER 4
4
If the company management exercises strict control over vital aspects of the project, then the
operation team may fail to deliver a desirable product. There must be room to allow balancing of
project dynamics. For instance, the schedule is just an estimation issued by the project manager
concerning when the project may certainly come to a close. In case the team needs an extension
of time to deliver the project, the management should be willing to negotiate and not just rule out
such requests. On their side, the project manager should also carry out balancing so that they
don’t appear to be irresponsible and incompetent. If the management is willing to increase the
budget allocated, then the team should be courteous enough to balance that with maybe an
increase in scope and shortened period to deliver the product.
Key Risks and Obstacles
A risk is an unplanned occurrence that adversely affects normalcy. It should be noted that
not all risks turn out to be negative. Some can impact the project positively. However, much the
project manager can be spot on with estimations regarding project planning, avoiding all the
risks may not be possible (Carvalho & Rabechini, 2015). Some of the risks that the management
should always be prepared to deal with include: exceeding the budget, team members can
become sick and quit, resources can be overstretched and turn out little for the full purpose and
extreme weather conditions that make it impossible for people to meet and work. Risk triggers
issue warning before the actual occurrence of the risk. They can be things like consistent
worsening weather as days go by, dropping performance rate by a sickling team member and
many more. The management should always be prepared to act on the warning signs.
Cost Schedule
Below is the summary of the project cost schedule. All the amounts are in dollars.
SHORT PAPER 4
5
Sept
Working
days
Month
Tasks/Activitie
s
Week
1
4
Preliminaries
10,800
40%
2
4200
2
Prototype
2000
October
3
4
5
6
7
Nov
8
9
10
Dec
11
12
13
14
10%
10%
10%
1080
1080
1280
15
16
99%
2000
1
Equipment
8500
100%
8500
8
Other raw
materials
4000
5
Employees
16000
50%
2000
25%
4000
21
Production
50%
8000
2000
25%
4000
25%
4000
100%
8000
SHORT PAPER 4
6
References
Carvalho, M. M. D., & Rabechini, Junior, R. (2015). Impact of risk management on project
performance: the importance of soft skills. International Journal of Production
Research, 53(2), 321-340.
Sanchez, O. P., & Terlizzi, M. A. (2017). Cost and time project management success factors for
information systems development projects. International Journal of Project
Management, 35(8), 1608-1626.

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