Original scientific paper

https://doi.org/10.2478/otmcj-2024-0015

Uncovering the hidden gem: The role of the undervalued quality in projects

János Erdei orcid.org/0000-0002-2197-2250 ; Budapest University of Technology and Economics, Faculty of Economic and Social Sciences, Budapest, Hungary
Zoltán Sebestyén orcid.org/0000-0002-2382-8797 ; Budapest University of Technology and Economics, Faculty of Economic and Social Sciences, Budapest, Hungary
Dina Alfreahat ; Budapest University of Technology and Economics, Faculty of Economic and Social Sciences, Budapest, Hungary

Abstract

In project management, the conventional focus
on time and cost often overshadows quality’s undervalued, yet pivotal role. This study explores the nuanced
dimensions of project success, centering on the Iron Tri
angle components: time, cost and quality (TCQ). Although
quality is acknowledged in theoretical definitions, its
economic significance and precise impact remain under
explored. This research addresses this gap by scrutinising the interplay between traditional success factors
and project economic outcomes. By comparing projects
with and without economic benefits, the study examines
potential variations in TCQ influence. Furthermore, the
research identifies specific traditional success factors
associated with economic benefits and probes for a dominant factor with superior impact. A novel Project Unified
Index (PUI) is introduced, enabling comprehensive economic performance assessment through TCQ analysis and
statistical techniques. Intriguingly, the exploratory analysis reveals that time and quality possess more significant
influence despite the apparent correlation between cost
and profit. Quality emerges as a potential determinant,
its significance often masked by meticulous measurement. This study underscores the paramount importance
of quality, necessitating its redefinition across industries
in a customer-centric manner. By repositioning quality
as a decisive factor, this research reshapes perspectives
on project management, steering future investigations
towards a comprehensive understanding of quality’s
pivotal role. The data for analysis were collected with the participation of a prominent professional project management association and a business master’s program in
Hungary.

Keywords

iron triangle, triple constraint variables, time cost–quality trade-off, project quality, project success, owner’s benefit, profitability

Hrčak ID:

321159

URI

https://hrcak.srce.hr/321159

Publication date:

3.10.2024.

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