3 Keys to Successful Project Management

There are three components I feel that are very important to manage wisely to help have a successful project. They are, Time, Money, and Quality and should be fairly straightforward to what they relate to.

Time

Time is how fast you want to get to the market and is also how long it will take you to do so. "Time is money" is a saying for a reason because the faster you can get on the market the sooner you can make money.

Money

Money is not about how much you will make but is how much capital you have to do the project. "It takes money to make money" because most ventures require an initial investment to purchase office space, materials, equipment, or other resources to get started.

Quality

The last trait corresponds to the quality of the output. If you are a crafty person making something to sell on Etsy then you have the option to use higher end wood or metal, or maybe you choose to use glue instead of using screws.

Give it to me fast and cheap

The more you have of each the better off your project should be, right? Who wouldn't want lots of money to finish a project very quickly and of extremely high quality.

The problem is this isn't a perfect world and you never seem to have all three of these key components. You are forced to choose two at the expense of the third.

Time will get you to market quickly, which is a good thing, and since you don't want to spend a lot, that's another bonus. What does this mean for the Quality of your product? In all likelihood because you value time you might rush to finish, or because money is tight you have to use lower quality materials, resulting in a poorer quality product.

I have money and want the best quality

If you have the money and want the best money can buy, then this scenario is for you, but expect it to take time. You have the money to pay for industry leading employees or purchase the most expensive resources and materials to bring to the market a high-end product.

Final thought

How good of a job can you do in a certain amount of time and with a certain amount of money?