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\nDon't Let Your Project Get Caught in the Cost Trap\n

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\nThe Time-Cost-Quality Triangle or the Time-Cost-Scope Triangle are key concepts in Project Management. When you understand the Iron Triangle, you can assess most of your project problems. But it can also create a trap that far too many...\nThe Time-Cost-Quality Triangle or the Time-Cost-Scope Triangle are key concepts in Project Management. When you understand the Iron Triangle, you can assess most of your project problems. But it can also create a trap that far too many businesses fall into. And Government departments and not-for-profits too. It's the Cost Trap.

We often fall into the Cost Trap
Especially in projects with a large procurement or outsourcing budget. We get hooked on keeping costs down.

But there's a price to pay for low cost

'Cheap is dear'
...said my father

The Answer is to Scrap Cost

The same, by the way, goes for everything.
Even your household purchases!

Project Procurement
A question I answered in a recent video was:
'Should project managers get involved with contract negotiations. Or is that best left to procurement people?'    • Should a Project Manager Get Involved...  

And my answer was simple: Absolutely we should.
If we leave the negotiations to procurement teams, then they will base their decisions on:

• Procurement rules, and
• Simple measures of value… like cost

It's the needs of the project that matter. And that means balancing time, scope, quality, and value.\n
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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5:16
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Grade
10th - Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2022
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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cost, time, outsourcing
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Additional Tags

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cost trap, time cost quality, time cost scope, iron triangle, procurement, budget, project budget, under-priced contracts, cheap is dear, project cost, project cost management, project cost management video, project financial management, project procurement, project contract negotiations, project management, mike clayton, onlinepmcourses, value, project value, project managers, hard, concepts, costs, margins, organization, project, services, supplier, understand, trap, quality, scope, find, corner, drive, amount, offer, recover, possibly, make, negotiate, affect, ability, part, leaving, answer
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Classroom Considerations

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