What Are the Three Broad Objectives of a Project?
There's no one way to construct, measure or evaluate a project. Because of the huge variety of projects undertaken by different companies and industries, any number of objectives can be important and relevant. For projects that are in effect the end product sold to a client, such as construction or customized software development, a set of broad objectives can help project managers stay focused and successful.
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Keep Under Budget
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Cost is a factor in every project. A firm conducting a project for a client wants keep costs as low as possible to maximize profits. Naturally, clients want costs as low as possible to keep their outlays manageable. That means smart project managers look for ways to increase efficiency. This can include being smart with labor and materials use or devising effective methods and processes.
Meet Deadline
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Clients want their projects completed in as little time as possible. Often, a client's tight deadline means project managers and their teams have to work exceptionally fast. Part of delivering for a client isn't just creating the product or results desired, but doing it on time or better yet, early. Promptness and efficiency are a major part of what makes a project and a company or firm successful.
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Accuracy
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Being on-time and under budget aren't enough for success. Project results have to meet customer requirements and function exceptionally well. A database or software package can't malfunction nor can a detailed audit be inaccurate. Clients pay for quality results they can't achieve themselves. A good company or firm needs quality control and careful testing or checking before unveiling project results.
Internal Projects
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Companies performing internal projects also care about cost, time and accuracy -- but they often need more. Internal efforts should produce gains, which may be measured in improved efficiency, long-term capacity expansion, new products, better distribution and higher volume output. Ultimately, projects should increase revenues, decrease costs and contribute to a company's overall profitability.
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