The Project Management Triangle: Scope, Schedule, and Budget – Ep 001

In this episode, I talk to Mike Lozanoff, P.E., one of EMI's project management instructors, about project scope, schedule, and budget, three tools that make up the Project Management Triangle, so you can manage a project successfully. Engineering Quotes: Here Are Some of the Questions I Ask Mike: How would you describe the project scope? Why is project scope so important in being able to successfully manage a project? How do you recommend a project manager create the project schedule and update it regularly? How do you recommend a project manager monitor their project budgets? Talk about the interrelationship between scope, schedule, and budget and why these three components of project management are so critical, especially for younger, or newer PMs to learn about as early as possible in their careers? If you were mentoring younger or beginner project managers, how would you guide them on managing the relationship between scope, schedule, and budget? Here Are Some Key Points Discussed in This Episode About the Project Management Triangle:  The project scope defines what the expectations are of exactly what you are contracted to do — not only your client, but also for your project team. In other words, it helps you to clarify your objectives In public projects, you usually get the scope from the clients via a request for a proposal. But because the client provides the scope, it does not mean that it is perfect. Soon it is still the project manager’s job to understand that scope and determine if it is understandable, vague, or ambiguous, and follow up with the client to clear up the things that are left open-ended. In private projects, the owner or developer approaches the engineering firm to build and permit something for them. It is the engineering firm’s job to get the details of the project from the client or developer and put the project and scopes together in a logical order. Project managers must ensure the scopes are clear, concise, to the point, and easily understandable by everyone. Project managers are always managing risk, and a clear and understandable scope that states what you will or will not be doing will protect you from risk. In conclusion, ensure that nothing is left open-ended, such as the number of meetings that will be held between the owner or developer and the engineering firm. The project scope is the building block of your project. It tells you how the project is to be built and the budget associated with it, and it defines the boundaries and expectations with your client and project team of what you will be working on. The project schedule will be different for every project you work on. There is no one-size-fits-all schedule tool. Find a scheduling tool that will work for you and help you to keep track of how the project is going and moving things forward. Your schedule must not be overly simple or overly complex. Managing your schedule and its intricacies should not be all-consuming and make you lose sight of the bigger picture of your projects. Key milestones that you get from the project scope are a must in your schedule, and only add the details you need to effectively manage the project. The scope defines what you are going to do in the project and how long it will take to complete. Engineering is a professional services industry, and we all have a bill rate. The bill rate is then multiplied by the number of hours it will take you to complete any given task, which will give you the cost of that aspect. If you break a project down by the tasks, you build your budget the same way. Above all the sum of the costs for each task will give you the overall project budget. The budget is based on the time you think it will take to get a task done.