What is the first step in conducting research for a Project?
The research process and Project Management Cost; Time and Scope analysis
Before implementing any project plans; there are three factors which should be considered and these are Time required to conduct the project; the project Cost and Project Scope.
Figure 1: Project management Time; Cost and Scope Triangle
Project Managers should conduct research to find out how much time they would require to initiate; plan; Design; and implement a project say for example a Company’s closing Function. They can make use of secondary Data or Primary data to make deductive reasoning for facts relevant to the project on hand. They should also clarify the project scope by finding out more information from the client in question about the closing function. Starting to work on a wrong project scope is a disastrous mistake. Project re-engineering is very much costly after the initiating and planning phase.
The other factor is costs involved. The aim of research should be to do a Cost Benefit Analysis and recommend reliable and cost effective alternatives to resources management and procurement for the targeted event. The following infographic summarizes what happens when the project team analyses the three project factors
Figure 2: Effects of Time; Scope and Cost to a project
- Gathering information
- monitoring and evaluation