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When managing any project, it is important to keep the triple constraints of time, budget and performance in mind at all times. Time is managed by keeping the team on track in terms of the schedule and meeting deadlines. Budget is managed by controlling monetary resources according to the project financial plan. Time and money are concrete ideas which are easy to understand, and therefore, relatively easy to account for. But how does one manage performance? Performance measurements must be created for each project, based on the project scope and the goals and objectives of the stakeholders. Because performance measurements are specific to each project, they are more open to interpretation than time and budget.
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