Project control variables
Project Management tries to gain control over four variables
TIME
The amount of time required to complete the project. Typically broken down for analytical purposes into the time required to complete the components of the project, which is then further broken down into the time required to complete each task contributing to the completion of each component.
COST
The amount of time required to complete the project. Typically broken down for analytical purposes into the time required to complete the components of the project, which is then further broken down into the time required to complete each task contributing to the completion of each component.
SCOPE
Cost to develop a project depends on several variables including (chiefly): labor rates, material rates, risk management, plant (buildings, machines, etc.), equipment, and profit. When hiring an independent consultant for a project, cost will typically be determined by the consultants or firms per diem rate multiplied by an estimated quantity for completion
RISK
Potential points of failure. Most risks or potential failures can be overcome or resolved, given enough time and resources. According to some definitions risk can also be negative, meaning that there is an opportunity to e.g. complete the project faster than expected.
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