Final answer:
The objective of project management is to deliver projects that align with specific targets in terms of Time, Cost, and Quality. Meeting these targets ensures that the product meets customer and stakeholder needs within the planned deadlines and budget.
Step-by-step explanation:
The objective of project management is to deliver a project on target with respect to Time, Cost, and Quality. Engineers and project managers strive to achieve project goals while adhering to these constraints. Successfully managing these aspects can lead to the development of a product that satisfies both customers and stakeholders. For instance, an engineering team working on the development of a new video game controller must complete the design, testing, and manufacture phases within the set deadlines to capitalize on the holiday season sales peak. This emphasizes that meeting task deadlines is critical, as failure to do so can result in significant revenue loss or even project cancellation. Throughout the project lifecycle, it is essential to ensure that the team's goals are Achievable, Relevant, and Time-bound to overcome potential barriers and support other objectives.