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I'm sorry but I think that it is a decision that you do not have to take as a Project Manager.
As a PM your mission is to drive the project within the tolerances that were set by the project board.
If there is any event that may force the project to go out of those tolerances, your decision should be to escalate the problem to the board, indentify possible alternatives, and ask for advice on the new direction for the project.
Project manager needs to manage the golden triangle (Scope, Time and Budget). All the efforts of PM throughout the project is to stay within the tolerances for these3 constraints. If there is any change in one of these constraints, and relative changes are not accommodated for the other2 constraints it will lead to poor quality. For example:
1. If time duration is compressed without being cut down the scope or increasing the budget, then it will lead to poor quality delivery.
2. Similarly, if scope has been increased without increasing the time duration or increasing the budget accordingly, it will lead to a poor quality deliverable..
So, ultimately it is Quality that will be impacted if these3 constraints are not managed properly...
Due to the pressure from customers or senior management to get things done faster, and without providing additional funds (budget) PMs generally forced to compramise for quality...
I think all these are interlinked with each other.Since I worked in fast track Projects where you are force to compromise on
1. Time in th sense you complete the things in minimum possible time with proper coordination and planning among different department.
2. Budget by value engineering
No one will compromise on quality.
well, in case and only in that case "That I did not mitigate that Risk, and I was not controling the project execution" then we can sacrifice with time unless I have Reserved budget then we can balance the time with respect to the available reserved budget. that may be by burining more daily hours, or adding some resources
All the three are interlinked as a PM youcan't sacrifice any of them.
All are interrelated, none can be compromised. Lookiing at a different prespective, i believe effective communication with stakeholders is the key, it will help not only to manage TIME and BUDGET but also produce QUALITY far beyond expectations.
All of those are about ``money``. More time is money less quality could be more money in close future, so money is budget. Therefore is a problem that you must manage with who owns the business. Is your responsibility to report problems and risks and advice the options or solutions.
depends upon situation if you have aouthority.
Agree with Jose Miguel and A. Sabeel Ahamed. I beleive that none has to be sacrified for a good Project Mgr is the one who's able to conduct good quality projects within time & budget.
As PM I'll select the quality because touching time or cost will affect the quality.
these three connect withe each,
example if you reduce the time cost will increase, if you improve the quality take time and so on,
therefore as a PM you should follow theses three item, you can not go with one item
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