Want a quality project delivered on time and budget? Manage the triple constraint.
The project management triangle – aka the iron triangle, the golden triangle, the project triangle, and the triple constraint – is a model. It proposes (3) constraints on project quality: cost (budget) scope (deliverable), and time (schedule). Each are interconnected and must continually be balanced. When a change is made to one constraint, a change is necessary in the others to compensate or quality will suffer.
For example, increasing scope likely means increasing time and cost. A tight budget likely means increased cost and reducing scope.
The project management discipline empowers project managers and project teams with tools and techniques to organize their work to meet these constraints.
If you need to finish a project in a shorter time, can you throw more people at the problem, but this will raise the cost – unless by doing the task quicker reduces cost elsewhere in the project by an equal amount. This is where ๐ญ๐ฆ๐ข๐ฏ and ๐ข๐จ๐ช๐ญ๐ฆ methodologies really shine.
Want to learn more about Project Management? See my Project MGMT publication for these 30 key PM topics:
Projects, lifecycle, management, manager, methodologies, the triangle, stakeholders, deliverable, team, charter, scope, budget, schedule, planning, baselining, milestones, dependencies, resources, risk, procurement, communication, ceremonies, integration, backlog, whiteboard, closure, software tools, office(r), code of ethics, body of knowledge
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