A project is an endeavor that is undertaken to produce the results that are expected from the requesting party. A project consists of three components namely, scope, cost and schedule. When a project is first assigned to a project manager it is important that all three of these components be clearly defined. Scope represents the work to be accomplished, i.e., the quantity and quality of work. Cost refers to costs, measured in dollars and /or labor-hours of work. Schedule refers to the logical sequencing and timing of the work to be performed. The quality of a project must meet the owner’s satisfaction and is an integral part of project management, which is shown as an equilateral triangle to represent an important principle of project management: a balance is necessary between the scope, budget, and schedule.… Read the rest