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[2] [3] Martin Barnes (1968) proposed a project cost model based on cost, time and resources (CTR) in his PhD thesis and in 1969, he designed a course entitled "Time and Cost in Contract Control" in which he drew a triangle with each apex representing cost, time and quality (CTQ). [4] Later, he expanded quality with performance, becoming CTP.
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
The triangle emphasises "the importance of managing 'quality' besides time and cost". [8] Speaking to APM’s journal, Project, in 2012, Barnes said of the triangle that he "really didn’t know just how important it would become". He stated that he created it because, when he was first running projects, "they weren't even referred to as projects.
Common among all the project management types is that they focus on three important goals: time, quality, and cost. Successful projects are completed on schedule, within budget, and according to previously agreed quality standards i.e. meeting the Iron Triangle or Triple Constraint in order for projects to be considered a success or failure. [21]
Construction management (CM) aims to control the quality of a construction project's scope, time, and cost (sometimes referred to as a project management triangle or "triple constraints") to maximize the project owner's satisfaction.
From January 2008 to September 2011, if you bought shares in companies when S. Decker Anstrom joined the board, and sold them when he left, you would have a 24.1 percent return on your investment, compared to a -18.1 percent return from the S&P 500.
From January 2008 to May 2009, if you bought shares in companies when Jan Bennink joined the board, and sold them when he left, you would have a -23.7 percent return on your investment, compared to a -38.5 percent return from the S&P 500.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Cost variance (CV) is a "The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost." [19] Cost variance compares the estimated cost of a deliverable with the actual cost. [20]