What is Project Management Triangle ????

Project Management Triangle - An OLD Concept with SCOPE, TIME and COST forming 3 sides of Triangle and Quality at the Centre. All of them being PROJECT CONSTRAINTS...
The Triangle Concept depicted the interdependency of these constraints. i.e scope changes lead to changes in Time, Cost and Quality issues, similar changes in any one constraints affects the others significantly..
Modern Day Project Management have more Project constraints like

• SAFETY - Zero Accident Free Manhours,
• Stakeholder Requirements / Satisfaction,
• Social Responsibilities,
• Legal and Regulatory Requirements,
• Environmental Impacts,
• Skilled Resource Constraints
• Technological Advancements

Hence a present day Project Constraints could only be depicted in the form of a 'n' sided Pyramid based on 'n' Project Constraints under consideration for a given Project with "QUALITY" being the BASE of the PYRAMID.
Well, still if your project constraints falls only in a Project Management Triangle Format then, you have a well defined Project with all other constraints already taken care off or inbuilt.

Minimizing and Preventing Contract Changes...!!!

A good STAKEHOLDER ANALYSIS process results in effective understanding of all stakeholder's requirements, needs, wants and expectations..
Identification, grouping and documentation of the above points results in a Clear Scope which once approved shall minimize unnecessary contract changes in future...!!!

Effective Communication in Project Management Process

When stakeholder analysis itself is not done in projects, then there is no point of discussing any further on the communication aspects in a project environment.
Without stakeholder analysis, we won't be in a position to identify the following :
1. Who are all the stakeholders in the project?
2. What and in which mode the information has to be transferred to these stakeholders?
3. What is the frequency of such reporting systems?
4. Authenticity and correctness of information provided?
5. Timeliness of the reports generated and delivered?
All the above is a must and should be adhered to for effective communications to ensure effective decision making throughout the project cycle.

How to manage large projects??

Project Success requires mainly the following 5 Parameters to be looked into : -
1. Scope Clarity : The more clear the scope and specifications are Lower the Risks (Uncertainties).
2. Realistic Budgets : This is for Cost, Time and Quality related areas. If all the targets agreed and approved are Realistic and Achievable then they form a GOOD YARD stick for performance Measurement.
3. Execution : Skilled and Knowledgeable Work Team with an Attitude for continuous learning and improvement with well documented Execution Procedures in hand.
4. Good MIS : Considering the voluminous transactions occurring in larger projects, a good MIS is a must to track physical progress as well as cost (under various designated cost heads for better monitoring and control).Good MIS reduces Decision Making based on ASSUMPTIONS and rather rely on Sound FACTS!
5.Scope Verification : A good scope verification results in mutual agreement of deliverable by the Client eventually resulting in Formal Acceptance and Contract closure...
If all the above 5 Process are intact ... PROJECT SUCCESS ....!!!

What should a manager do to manage teams or workforce During Recession?

RECOGNIZING people at work by giving due consideration for their SKILLS and TALENT is among the High Rated Motivating Factors at work as per Literature and also in Practice..
DELEGATION of Works results in TRANSFER of OWNERSHIP & ACCOUNTABILITY of the TASKS to the ASSIGNEES, thus enhancing his EFFECTIVENESS of producing RESULTS.
But point to be kept in MIND is that a GOOD LEADER by DELEGATING works doesn't escape from his RESPONSIBILITY on the OUTCOME of his TEAM MEMBER'S performance..
Keeping above points in view ..
RECOGNITION + DELEGATION = MANAGEMENT SUCCESS...!!

Client's Actions to Reduce the Risk of Construction Management

Scope Clarity & Effective BID Evaluation Strategy...!!!

RISK is a result of high amount of Uncertainties Bound in the Project Works.
Considering the fact that CLIENT is the HIGHLY Benefited from any Project and always WORKS in the TOTAL INTEREST of the PROJECT, then only two other factors could reduce the RISK FACTOR of the PROJECT...!
1. SCOPE CLARITY = Scope is the Heart and Soul of the Project hence the better the DEFINITION of SCOPE and SPECIFICATION the lesser confusions, uncertainties and chaos resulting in Project SUCCESS
2. EFFECTIVE BID EVALUATION STRATEGY = A Good Scope clarity alone is meaningless if the Vendor / Contractor selected through Bidding process is not skilled and effective in executing the SCOPE...!!

Working Capital Management Strageies in Construction Projects...???

Minimize Stock and Reduce Cash/ Bank Balance...!!!

Working Capital = Current Assets - Current Liabilities
Current Assets = Stock, Unfinished Goods, Cash / Bank Balances, Outstanding Claims etc.. (What you OWN)
Current Liability = Payment due to Sub Contractor, Vendor balances, etc.. (What you OWE)
A negative Working Capital is a healthy sign in any Construction Project, that is in Simple Terms "Work with others MONEY...!!!"
Its very simple said than done...

A Good Procurement Plan and Fund Management Plan could aids in Timely Procurement & Utilization of Materials as well as Funds thus reducing Working Capital...!!!