Liz Hatchel

Background

About Liz Hatchel

Completing a project on-time and within budget is often a challenge when the reality of competing priorities fight for our time and attention. Organizations have many competing priorities that often impact the three most significant constraints on any project: scope, schedule and cost. Known as the Triple Constraint, these three are interdependent. None of them can be altered without affecting one or both of the others. So, how do we use what we know about the Triple Constraint to effectively manage projects? A good practice of any project is to assume some measure of a contingency budget. This is an allocation of funds set aside to absorb unknown external factors that could potentially adversely affect a project. When creating a schedule, a project manager can build in some slack that would account for possible delays that may be incurred. It is important to understand at the onset of a project what scope is critical versus ‘nice to have’. The Triple Constraint is one of the most well respected mechanisms for indicating the interaction of the key attributes of a project. Being fully aware of its function and implications is an important aspect of the project manager’s role and responsibility. I am always interested in connecting with colleagues in the Project Management profession and look forward to sharing best practice ideas. Contact me at Elizabeth.hatchel@Fiserv.com or 678-206-5412