Project Characteristics of a Project For every project to be properly executed as planned, time, cost and performance are some of the fundamental factors that need to be put into account. Each of these is very important because they have a role to play towards the success of a project. Time refers to the schedule of the project. In other words, the amount of duration or period needed to carry out activities needed for the project (Fitzsimmons & Mona, 2013). In order to succeed, proper planning needs to be made concerning the amount of time required to conduct different sections and the entire the project.
On the other hand, cost simply means the amount of money required for the project. For everything to be done as planned, adequate resources need to be availed. These can be used for buying the tools and materials required and paying for the labor used during the whole project. For a project to be a success, measures should be taken to make accurate prediction on the total amount of money to use. Meanwhile, performance refers to the activities to be carried out during the entire project. Everything that needs to be included should not be left out as it constitutes a scope of the project (Allen, 2001).
In conclusion, time, cost and performance are important components of a project that need to be carefully thought about before initiating any project. They all make important contributions that need not to be taken for granted. Without them, nothing can be achieved whatsoever.
References
Allen, D. (2001). Getting things done: the Art of Stress-Free Productivity. New York: Viking.
Fitzsimmons, J. & Mona F. (2013) Service Management: Operations, Strategy, Information
Technology, 8th edition. Business and Economics.
