Learn how to align the scope, schedule, and budget of your project with business strategy.
- My friend has a sign on her office door that says,…"Good, fast, and cheap.…"Pick any two."…It's a great reminder that we face lots of trade-offs…when managing projects,…especially around scope, schedule, and budget.…In this video,…we'll learn about these three fundamental constraints…and how to manage the trade-offs between them.…The first constraint of any project is the scope.…The scope includes the goals of a project…and the work that you need to do to achieve them.…
It's best to provide metrics,…such as how big the finished product should be…or how well it needs to perform.…Any time that you add a new feature…or a new requirement to the project,…you're adding scope.…The second constraint of every project is the schedule.…A project has a defined beginning and an ending.…There's a reason that you're doing the project…in the first place,…and so there's a reason…that you want to get it done on time.…In some cases, project delays can lead to major problems,…from disappointed customers to penalties…and even lawsuits.…
Instructor Daniel Stanton begins the course by reviewing the key skills highlighted in the Project Management Institute (PMI) Talent Triangle, and explaining how strategy and business management fit into your professional development. Next, he explains how to align your project with the priorities of your organization, and effectively communicate the goals, benefits, and risks of your project to your stakeholders. Then, he walks through the different business functions in an organization, including marketing and sales, supply chain management, human resources, and information technology. To wrap up, Daniel explains how to leverage your business acumen to collaborate effectively with individuals throughout your organization.
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- Identify the role of business acumen in the PMI Talent Triangle.
- Recognize that projects are how businesses implement changes.
- Explore the characteristics of a SMART goal.
- List several business benefits of good customer service.
- Identify common financial documents.
- Review common financial analysis methods.
- Recall the three common approaches to continuous process improvement.
- Identify the differences between strategic, tactical, and operational goals.