Balancing the Project.
Limited resources necessitate the need for balancing time , money, equipment, material and people resources. A project manager is constantly making choices which will optimize the use of available resources. I found the example of SAFECO field very helpful in understanding the nuances of balance in a good project. An aggressive , accelerated schedule escalated the cost of constructing the baseball field. The project achieved the time deadline but had a cost over run of $ 1oo million.
Balancing should be a part of project definition and planning stages. It involves continuous correcting during the course of a project execution.
There are three levels of balancing a project. A project can be balanced at project level, business level and enterprise level. Re estimating the project in the SOW and work packages can help increase the accuracy of estimates. Task assignments can be changed to reallocate and better manage the resources. To accelerate the schedule , more people can be assigned to a project. Balancing a project at the business case level could involve reducing the product scope, fast tracking and changing the profit requirement. Finally at enterprise level, higher management reviews the firm's resources and makes decision to keep, change, outsource or eliminate a planned project.
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