The time taken to complete a project translates to the quality of a product. When a project meant to take 18 months falls behind schedule, the costs go up. This is because you have to pay the labor force for the extended period. The quality of the work done may go down as you have to constantly revisit your work plan to rectify what keeps going wrong.
Finance is a very important factor in any project. It is grouped into three factors: costs, contingencies and profit. An assessor may use the cost schedule to analyze the project's effectiveness. The project manager should strive to ensure that the project sticks to its budgets. He should also ensure that the estimates and time schedules are accurate, as each may have the effect of changing the budget and consequently affect the product.
The term "resource" refers to both human and machine labor, as well manuals and guides. The assessor should inquire if workers completely understand the demands placed upon them. An informed workforce results in better quality. The quality of the machinery used also has a direct bearing to the quality of a project. Effective use of quality material in a project ensures quality products.
Perfomance entails factors such as project size, goals and requirements. A change in the project scope will always cause a corresponding change in the project budget. If there is no change in budgeted finance, a lower-quality service or product will result. A manager should ensure that the project goals remain constant and none is overlooked. The supervisory team should ensure that the project adheres to its specifications.