Features of Project Management - Essay Example

The success of individual projects is measured by performance compared to three constraints that are placed on all projects. These three constraints are the constraints of the specifics of time, the constraints of costs and the constraints of scope requirements or performance. The three constraints are fundamental aspects and functions of project management and call for the striking of a balance between them.

For the performance of a project to be successful, it has to be handled within a specific period. The timeliness of the project determines whether or not it will serve its purpose. Handling the project either too early or too late is likely to compromise its success. It is, therefore, very important to organize all the procedures, processes and people required to handle the project well in advance so that the completion of the project is timely (Kerzner, 2010, p. 26). When the project is completed after its time, it serves no purpose at all and all the efforts, the time and costs expended in doing it all come to nothing.

Any project requires capital to guarantee its success. The people handling the project must be motivated. Recognition of money as a principal motivator is very fundamental here. Besides, the infrastructure, procedures and all the processes leading to the successful completion of a project require capital. The success of a project is, therefore, limited by the availability of capital (Kerzner, 2010, p. 27).

A project has a specific scope that it has to adhere to. Any deviation from the scope of the project implies that the project does not serve its purpose. The areas to be covered with the project must, therefore, be followed successfully so that the success of the project can be guaranteed.