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votes. Project trade offs means that in case one (or more than one) constraint is no longer aligned with the original project plan, then the project manager will rectify the situation by playing with the remaining constraints. The decision to make a trade off is really based on the importance of each and every constraint.
The decision to make a trade off is really based on the importance of each and every constraint. For example, some projects have a fixed deadline that is impossible to change, other projects may have a tight budget that they can never exceed, while the remaining projects have a scope that should never be altered. The importance of constraints depend on the type of the organization undertaking the project, the client, and the type of project.
In any project, you start making tradeoffs from the least important constraint, and you start playing with the most important constraint only when your project is in a desperate situation.
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For instance, if the earned value management measures that are used for controlling project cost indicate significant variances from the budget, a re-estimation of the cost and schedule and a revisiting of the overall budget can be inevitable.
If partway in a project it turns out that the budget baseline (based on previous estimates) cannot be met, a re-estimation of the project cost is required.
A Cost estimate is a quantified expectation of how many resources are required to complete a project or parts of a project.
Estimating the rough order of magnitude at the beginning of a project. At that time, estimates are often performed top-down due to a lack of team members. more accurate estimation techniques (such as parametric estimating) may also not be available due to a lack of data.
Estimating costs is one of the core activities of project management and planning. This is because a project is defined as being subject to at least three fundamental constraints: scope, budget and time. Cost estimates are obviously addressing the budget constraint; hence they are highly relevant for the management of a project.
Definitive estimates will usually require techniques such as analogous, bottom-up and parametric estimating that may only become available in later stages of a project. Parametric and bottom-up estimates are usually the techniques that provide the most accurate cost projections.
If the budget has to be revisited part way through a project, a so-called estimate to complete (ETC) is determined.
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Whether you’re looking to start a new career or change your current one, Professional Certificates on Coursera help you become job ready. Learn at your own pace from top companies and universities, apply your new skills to hands-on projects that showcase your expertise to potential employers, and earn a career credential to kickstart your new career.
With MasterTrack® Certificates, portions of Master’s programs have been split into online modules, so you can earn a high quality university-issued career credential at a breakthrough price in a flexible, interactive format. Benefit from a deeply engaging learning experience with real-world projects and live, expert instruction. If you are accepted to the full Master's program, your MasterTrack coursework counts towards your degree.