One of the key tenets of effective project management (apart from being able to stay calm in the face of adversity!) is being able to manage the interrelationship between time, cost, scope and quality.
A good way of visualizing this is in the triple constraint diagram below, which in summary is that changing one constraint affects the other constraints directly.
Lets think of some examples:
– if you want to reduce a projects cost you can do this by reducing its scope or schedule.
– if you want to deliver more scope then you’ll need to increase the cost (especially if you want to try and keep to the same schedule!)- also keep in mind the impact on quality which is the downward triangle, that you could start shipping lower quality code but in reality that is not an option if you want to keep working!