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Imagine you're planning a big birthday party. You have a budget, a guest list, and a date in mind. You want it to be perfect. This is a project, and just like any project, it has constraints. For example, if you get the $100 custom-made piñata, would you also be able to get the $100 custom-made cake? If you decide to make the custom-made piñata, would you have time to bake a scrumptious cake? Instead of getting a custom-made piñata, would you be happy with a regular piñata? How can you decide amongst these issues? Better yet, how can you protect your money and your time from uncertainties and enjoy life in a better way?
Let me introduce you to the MTL Framework
HOW SCOPE, MONEY, AND TIME AFFECT LIFE
HOW SCOPE, MONEY, AND TIME AFFECT LIFE
Within the MTL Framework, scope, money, and time are closely connected. Changes in one area can affect the other two. For example, if you decide that you want to invite more guests to your party (scope change), you might need more decorations (increased cost) and more time to plan (affecting your timeline). If you use the MTL Framework to make decisions, the best thing to do for the birthday party would be to ask: would inviting more guests make you happy enough to deal with the potential inconveniences of spending more money and time than originally planned? That answer could very well affect whether you actually send those extra invitations or not.
The MTL Framework is meant to help you make better decisions. Every decision in life is honestly a balancing act, and you, as the only person responsible for your life, need to make sure that scope, time, and cost are in sync with what you want to get from your life. If one side of the triangle changes, the others need to adjust to maintain balance.
TO USE THE MTL FRAMEWORK...
TO USE THE MTL FRAMEWORK...
Clearly define your goals and objectives for a given project from the beginning: Make sure everyone involved understands them so that they don’t get distracted along the way. There’s nothing worse than having to undo the hard work someone did because of impulsive changes.
Use past experience and expert opinions to estimate time and costs: Be willing to seek the advice of people who have already accomplished the goals you are trying to accomplish. However, don’t blindly apply all advice that’s given; make sure that the advice lines up with your specific circumstance. Above all, remember the concept of “float” and be prepared for unexpected delays and expenses.
Have a process in place to handle changes: Assess how they impact time and cost and make informed decisions. Sometimes, changes are inevitable. Sometimes, it may be better to speed up timelines or to temporarily put a project on hold. Sometimes, it may be better to seek outside help rather than trying to do it yourself. Therefore, look at the results your project is churning out, and make sure that you’re ready to do what’s right for you and your life.
WE USE THE MTL FRAMEWORK TO...
WE USE THE MTL FRAMEWORK TO...
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