In this situation, then the project's cost is fixed (so it cannot increase). A situation where project is cost-constraint (or is it constrained?) is when the company cannot afford a penny more over the allocated project budget, so the project definitely cannot go over that amount.
Quality enhanced means that the quality standards of the project should not suffer because of the cost constraints.
Time accept means that the project may take more time if needs be.
Now here are the implications for this project:
- On the company: The company will have to drop the project if the project is going to cost more than initially planned.
- On the project manager: The project manager must focus on cost when it comes to building his risk management plan, and he must also give the schedule the least weight.
- On the project team: The project team may work indefinitely on the project just because it's relaxed when it comes to the time. This is mainly the case in non-projectized organizations, where the cost of the team (e.g. salaries) is an indirect cost.