Project Managment for Boeing 787 Dreamliner - Essay Example

The project life cycle is used to further refine the project before arriving at a general conclusion. Project managers have to make trade-offs among the scope, time and cost considerations in a bid to establish project priorities (Westland 2007, p. 56). The trade-offs are more serious in case of momentous project such as the Boeing 787 Dreamliner, already experiencing multiple delays and millions of pounds lost in fines. One of the best tools to help project managers at any level is the Project Matrix technique, through which the manager makes trade-offs based on constraining, enhancing or accepting the main project criteria; time, cost and performance (Frame 2003, p. 87). For the case of the Boeing 787 Dreamliner project, each element will be discussed before arriving at an appropriate Project Matrix.

The project manager must categorically discuss with the relevant stakeholders for each criterion before deciding on the trade-offs. The first criterion under discussion in the Boeing 787 Dreamliner project is time. Time is a major determinant of project success due to a number of reasons. First, the establishment of SMART Boeing 787 Dreamliner project objectives involves proper considerations on timelines; secondly, the work break-down structure of projects deeply embeds time considerations; lastly, the traditional relationship between time and cost translates to a situation where delaying the project increases the cost of the project.

Further delaying the project attracts unbudgeted-for fines which further add to the Boeing 787 Dreamliner project cost. However, the project manager is in a position to control the time considerations through managing procurements, revolutionising the work break-down structure to tighten time use and managing risks. Thus, the time consideration becomes a priority for enhancement. The performance criterion is of absolute