Question
- Provide a realistic example of a trade-off, where one of these three items is optimized at the detriment of the other two items.
- Explain why you selected the one item to optimize.
-
Explain how you will work to mitigate adverse impact from the reduction in the other two areas of the Iron Triangle.
The Iron Triangle is time, money and quality of the project. In construction you can try to lower cost, however by doing this it will ultimately lower the quality of work being done and will increase the time needed to do the project and it be a success (Bronte-Stewart,2015).
I selected cost because often organization will do whatever it takes to decrease cost and increase profit.
The best way to mitigate this trade-off allow more time for the project so the cost can stay low and the quality should not suffer. ultimately profit is what the organization is looking for so if you can increase profit while maintaining quality then taking a little longer is not a bad trade-off.
Thank you,
Robert Scott
Discussion 6
Hello Professor and Class! I’m not sure if I’m doing this the correct way but here goes…. The trade-off that I have optimized is scheduling. Let’s use a cake maker/designer for example. This designer has been getting many new clients and has overbooked herself. The is supposed to have a wedding cake done for a wedding that is at 5. It’s 4:30 and she hasn’t even started on it. Cost will be affected because there’s a huge chance the couple will not pay her and since she paid money for the ingredients for a cake that will not be purchased, she will also lose money. Performance is affected because she is not going to be on time with her other orders because she is overbooking herself. I chose scheduling because it is typically the most critical element in the project management process, especially during the implementation phase and is the source of most conflict and problems. (Russell, p. 377). This is why much thought and planning needs to be involved when scheduling a project to be completed. Ways that the cake-maker can mitigate inverse impact on cost and performance would be to stop with the overbooking of clients.
References:
Russell, Roberta S., Taylor, B.W. (2014) Operations and Supply Chain Management, 8th Edition. {Vitalsource Bookshelf Online}. Retrieved from https://kaplan.vitalsource.com/#/books/9781118909164/
Sample paper
Operation Management Discussion
Name
Institutional Affiliation
The term trade-off represents a situation whereby a business is forced to give up one item as a compromise for another. In project management, speed of service delivery is of great essence. This determines the time of project completion. On the other hand, the quality of services provided is of great importance in satisfying clients. When the business tries to improve speed or reduce the time for the project, quality of service delivery is negatively impacted. Therefore, there exists a trade-off between the project duration and the quality of services provided. However, increase in speed may lower the overall costs of the project. According to Eckbo (2008), organizations facing trade-off situations will only agree to take action if there are particular benefits to be derived from the actions taken.
I chose time because it is very critical in project management. The time taken for a project to be completed determines the costs to be incurred in the particular project. With regard to mitigating the adverse impact from the reduction in cost and quality, I would ensure that the project is completed within the set timeline. This would eliminate additional and unplanned project costs. Quality can still be achieved while ensuring the project is completed within the set timeline.
The discussion by Robert Scott analyzes trade-off between cost and quality & time of a project. A reduction in cost may lead to low quality of work and possibly an increase in project duration. The discussion concludes by giving an effective way of mitigating the trade-off, which is identified as allowing more time for the project. The discussion by Veda Lewis analyzes scheduling. This does not fall under any of the areas discussed in the Iron Triangle, which include time, quality and cost. The discussion fails to give a clear mention of the trade-offs discussed.
Reference
Eckbo, B. E. (2008). Empirical Corporate Finance. Burlington: Elsevier.
Read also: Operation Management
