1-05 Six Project Variables

The 6 variables / performance targets are: Timescales, Costs, Quality, Scope, Benefits and Risk.  You could also say that these are the six aspects of project performance to be managed during a project.

An easy way to remember them is to use the words TeCQuila SoBeR with Tequila spelled with TeCQ. This will give you Timescales, Costs, Quality, Scope, Benefits and Risks. Or you can use the memory aid “BC QRST”.

See the following Project Manager dashboard example. It has a dial for each of the 6 performance targets and the Project Manager will keep monitoring them during the project. 


Variable

Description

Timescales

The question to ask for timescales is, “When will the project be finished?”

Cost

Projects have to give a return on investment; therefore, the questions to ask are: Are the costs being controlled? and Are we within budget?

Quality

Will the product be usable at the end of the project (in other words, fit for purpose) and are products passing their quality checks?

Scope:

Is the scope well-defined and clear to all stakeholders? Care must be taken by the Project Manager to avoid scope creep, which is to allow new requirements to be added during the project.

Benefits:

Why are we doing this project and what are the benefits? Benefits must be known, clear, and measurable, and the benefits need to be delivered.

Risk

All projects are unique and therefore have risk. How much risk can we take on and how can risk be managed? For example, in a project concerned with building a house, what happens if one of the subcontractors does not show up?

 

PRINCE2 deals with the planning, delegation, monitoring and control of all six project variables (performance targets). The PMBoK uses the term “6 competing Project Constraints”

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