Question

In: Finance

Read the Scenario below and answer the questions that follow. You are working on a project...

Read the Scenario below and answer the questions that follow.

You are working on a project to implement an online benefits management portal to enable employees to have a “one stop” location to view their health and dental benefits, get answers to benefits-related questions, and enable for changes to be made to health benefit coverage. Requirements were gathered over a two-week time period at the start of the project and all stakeholders participated in requirements gathering sessions. The project is near completion – the portal has been developed by the IT/Application Development group. It has been tested, works well and will be rolled out early next week. You are approached by a member of the senior leadership team who suggests that it would be of value to add in a component so that employees can also manage their 401Ks. In fact, he wants this to happen in time for this roll out.

Question 1[ 20 marks]

Keeping the project triple constraints in mind, elaborate on the effects of adding extra components to the portal by your Senior Leaders.

Solutions

Expert Solution

Keeping in mind the 3 critical elements of Triple constant can help in managing a project by adapting to the changing conditions and still not missing on delivering timely project within a specified budget and scope. These 3 elements are also referred to as Iron triangle or the Project Management Triangle. These triple constraints provide a relationship within a Project’s cost, time and scope.
In this scenario, wherein an extra component has been asked to be added in the project, the project will be affected in following ways:
1)   Scope: Scope of the project can be defined as the extent of spread or the spectrum of effort that need to be made on a project. Since this additional effort asked to be implemented by senior leaders was not the original requirements therefore the project scope will definitely be affected. Additional workforce would now be needed to add in the project of the management wants it to be delivered within the original time frame.


2)   Time: Since the senior leaders have already decided that this additional feature needs to be deployed within the previous timeline itself, therefore there is no chance to miss the deadline. However, the workforce deployed in this project would now have to put in additional time on the project to complete it within the deadline.


3)   Cost: This would be the most affected constraint for the project. Additional workforce and man-hours would definitely increase the cost of the project. New projected cost would be substantially higher in comparison to what was previously estimated by the project managers.


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