Question

With the aid of a project life cycle and the tripple constraint of a project,

come up with a plan for an event.

Answer 1

Let us first define the individual terms

1) Project Life Cycle

A project life cycle is a four step cycle that a project need to go through. It starts with conceptualization, planning and execution finally leading to closure or termination.

2) Triple constraint of a project

The triple constraint comprises balancing the cost, scope and time required to complete the project. This balance will determine the quality of the outcome.

Let us consider the event of implementing ERP in a manufacturing based organization.

Here when you try to implement ERP like SAP, it will help in digitally transforming the landscape of the organization. Now implementing this digital strategy becomes the scope of the project. To implement this project there is requirement of cost and time to maintain the quality of the required scope. Thus it is important to manage the triple constraints throughout the project lifecycle right from ideation, strategic planning, execution to closure.