Project Flexibility refers to a project’s ability to vary its output in a cost-effective manner within its lifecycle or a given time-frame. It is a qualitative characteristic that determines how fast the project is able to adapt to variances and changes happening within the project environment.
A flexible project can always produce a desired outcome within a changing environment. Flexibility makes it possible for the project to efficiently respond to changes and move towards successful accomplishment. It involves making trade-off discussions regarding key project constraints such as
A project reaches flexibility when its constraints are clearly defined in the project plan that includes actions for managing any variances in scope, resources, and schedule.
Project flexibility matrix is often designed for defining and evaluating the key constraints. Such a matrix clarifies what constraints are flexible and can possibly be altered during the project lifecycle. The matrix is usually designed at the project definition stage and used throughout the project as a mechanism for reviewing value of each constraint.