Final answer:
Project managers must balance time, cost, and quality in a project while considering technical, ethical, economic, and legal factors to satisfy customer needs and stakeholder interests.
Step-by-step explanation:
Project managers are expected to ensure that appropriate trade-offs are made between the time, cost, and quality requirements of the project. Ensuring these trade-offs effectively balances the project's scope, which includes the project's objectives and the work required to fulfill them; managing stakeholder expectations and needs; and assessing and mitigating risks to ensure project success. Stakeholders may encompass a wide array of entities ranging from direct customers to regulatory agencies, all of whom have a vested interest in the project's outcome.
Strong project management involves the balanced consideration of technical aspects, ethical considerations, economic constraints, and legal requirements to meet the broad set of expectations and ensure project viability. Ultimately, by managing these factors, the project manager can deliver a successful product, service, or result that satisfies the customer's needs while taking into account the interests of all stakeholders involved.