Time Cost Trade off Notes: Definitions & Explanations PDF | Download eBooks
Study Time Cost Trade off lecture notes PDF with project management definitions and explanation to study “What is Time Cost Trade off?”. Study time cost trade off explanation with project management terms to review project management course for online MBA programs.
Time Cost Trade off Definition:
Time-cost trade-off methodology is used to reduce the project duration incrementally with the smallest associated increase in incremental cost.
Successful Project Management by Jack Gido and James P. Clements
Time Cost Trade off Notes:
In a project, two factors are very crucial. One is time duration of the activities and second is cost of each activity. These two factors are linked together. For a project manager, the decision regarding changes in times and costs is very difficult. So there must be a trade-off between time and cost. Whenever time duration of a specific activity is tried to be reduced, its associated costs increases and vice versa. SO it is a challenge for a project manager to use time-cost trade-off methodology in order to bring a change in time duration with minimal change in the associated cost.
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