A project is a coordinated sequence of temporary tasks, designed to meet a predefined Scope (technical and performance targets) within constrains of Time,Cost and Quality. This is also known as The Project Triangle, where Quality in the center:
 
A project seen as a investment, should produce beneficial results (Scope) within predefined targets of Schedule (Time), Assets and Resource utilization (Costs) and performance (Quality).

Under this view, the Project Director is both a change agent and a business manager.

Attending to this view, each project can have one vector stronger than the others:

The_Project_Triangle_orientations_2

Depending on the project’s stronger vector, all of the other vectors will be fine-tuned, for example:

The_Project_Triangle_priorization

So the key is that every project is aligned with something bigger than itself. Each project is linked to some enterprise goal, objective or strategy.

If our project is about doing something for an event (for example, the Olympic Games) that has a fixed date, we can’t fail on the Timevector. If our project is about achieving a performance standard (for example ISO 9001) we can’t fail on Quality. If our project is about profitability (for example, increase revenues) we can’t fail on Costs. If our project is about the growth (for example, expanding a product) of a organization, we can’t fail on Scope.

A ProjectDirector must have a very clear vision of what are the Client, Business or Project Sponsor priorities for having success in his project direction and in each decision making during it.

Author: angelberniz (All Rights Reserved by the author).
Source: Original text (based upon first hand knowledge).
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