How do you manage the scope, time, and cost of a project effectively?

From my experience, deciding which of the three I'm flexible on as I know they will be dynamic is the first step for me (Scope, time, and cost). As the old saying goes "you can have any 2 of the 3: FAST, RELIABLE, CHEAP", I believe this is 100% true. There is always some type of compromise and I try to decide which applies for the situation.

One useful item I have used to define scope is a clearly written business requirement document (BRD). This document brings problem, historical context, objective, assumptions, dependencies, risks ( from the business point of view), the must have and nice to have requirements all in one place and is typically done in collaboration with Stakeholders from their point of view so you are gaining their input upfront. This allows you to capture voice of the customer and initially align with Stakeholders on the why, what and how of the project at the very beginning, understand who are your key players, and what's truly required for success before you finalize scope or build WBS.

To manage the scope, time, and cost of a project effectively, establish clear project objectives, define the scope of work, and create a detailed project plan. Regularly communicate and collaborate with stakeholders, continuously monitor progress, and identify and address any scope creep or risks promptly. Utilize project management tools, set realistic deadlines, allocate resources efficiently, and track expenses diligently. Adapt to changes proactively, ensure effective communication among team members, and prioritize quality to achieve project success within the defined constraints.

In my experience, even before WBS is put together, it is advised to confirm that the scope statement or its draft is complete and that there are no missing expectations. Some of those can be very vague or assumed. As part of the WBS process, it might be helpful to plan separately items that are important activities from product-related features/deliverables/milestones. In the modern complex delivery environments, it is almost impossible to create a complete WBS early in the project, so, it can be possible to create phases, and then break down each phase as you get closer.

Defining the scope is definitely the key. I use a combination of the WBS and going through each section asking the question "how"? As you are able to answer how each of the components of the scope will be accomplished, you begin to get a better understanding of the necessary resources, overlooked items, and the best use of all of the members charged with the execution of the project.

In order t estimate the duration of a project or an activity, we need to have a list of activities (WBS), effort, or number of hours each activity will take assuming 1 person can work full time on it. Once this is known, then by assigning resources to each activity we are able to see how much time it will take. Project scheduling software like MS Project is able to do it automatically. The trick is to properly estimate the effort. And this is an art on its own. A project manager should not be doing it in isolation. It requires input from the team. Also, resource management needs accurate information about the availability of each resource. Once all these pieces are put together - then the duration estimate will be realistic.

Most projects are purely expenses, some might generate revenue. Maintaining proper P/L can be tricky. The key is that, when the durations, efforts, and resource allocation are complete, it is possible to assign a cost to each resource, and that will allow us to calculate the cost of work. Adding to it is the cost of all other non-work items, like software, hardware, and equipment. etc will help determine the budget. My recommendation is to always plan for contingency and add at least 30% that can be managed within the project.

The key to successful scope management as part of monitoring and control is to be prepared that changes will take place and have process and procedure ready. This requires a disciplined and unambiguously stated list of scope items and deliverables with qualitative requirements. Once the change is requested, the team will assess the impact and come up with a change order that would introduce and re-baseline the project parameters including scope statement, deliverable list, requirements, timeline, deadlines, durations, and resources.

Asides from monitoring and controlling the scope, time, and cost of a project using your common scheduling resources within your organization can best tools. Often taken for granted Google business Suite, Microsoft Teams, Calendy, Homebase, Monday.com, Connecteam, etc. and several others can all can help manage and schedule control both you business and your continue. Applying your preferred scheduling control can truly lead to a successful journey for both you and your stakeholders.