![]() Similarly, any updates to the production process that can help standardize flows and cut down on decision-making time will allow your team to work more efficiently without sacrificing quality. This tweak to your production methodology may allow you to achieve more within a shortened project schedule or work with a smaller project team. When someone finds a new way of doing something that increases cost-efficiency or speed, this adjustment can be made without a corresponding change in the other points of the project management triangle.įor example, someone on your team finds a way to improve the functionality of a tool necessary to your project. Read: 5 project controls and where to implement them The wildcard factor: innovation If budget is cut or scope is increased, you’ll need to find smart ways to compensate by loosening one or more of your project's time constraints, whether by extending deadlines, adding hours, or making other schedule adjustments. Tradeoffs can require extended deadlines, adjustments to team calendar software, elimination of planning phases, and more. When adjusting for time, keep in mind that the amount of time is as important as the type of time you're measuring. Read: Your guide to getting started with resource management Time For example, adding employees requires additional budget for salaries taking an opportunity to keep offices open longer requires additional budget for hours of electricity usage. The cost/resources variable includes more than just literal money, but generally everything within this point can be tied back to a financial value. Often referred to as “resources,” this triangle point includes all of the tools, equipment, and support required to complete the project. ![]() Create a scope management plan template Costįor purposes of the project triangle, cost isn’t limited to literal dollar amounts. Strength (e.g., the number of simultaneous users an app can support)īe careful to avoid “ scope creep” by finalizing project plans and getting project stakeholders to sign off on everything before production begins. As the size of the project increases, it will naturally require more time and money in order to complete. Scope is the “size” of the project in terms of the quality, detail, and magnitude of the project’s deliverables. In order to keep all three elements in check, the project manager must have a deep understanding of each individual variable and where they have the opportunity to be flexible to accommodate changes throughout the project. Create a scope management plan template The triangle’s triple constraints No matter how strong a project manager is, the iron triangle can't be bent to their will. This is why the project triangle is often called the iron triangle of triple constraints. These two relationships can't be altered-nothing you can do will make it possible to change one variable without causing a corresponding change, either directly or inversely, in the other two points on the triangle. If costs need to be cut, then deadlines will have to be extended but if you encounter a sudden time crunch, you’ll need extra budget to adjust to shorter timelines. ![]() These two factors move in opposite directions. The second type of relationship is the relationship between time and cost, which is an inversely proportional relationship. If the triangle breaks-that is, if one point is moved without adjusting one or both of the other points along with it-the quality of the project will suffer. The triangle demonstrates how these three variables are linked-if one of the variables is changed, the other two must be adjusted in order to keep the triangle connected. ![]() The project management triangle is made up of three variables that determine the quality of the project: scope, cost, and time. It’s the project manager’s job to balance all three elements in order to keep their project within budget and on deadline while still fulfilling the specifications of the project’s scope.īelow we break down and examine the three points of the project management triangle, how they’re related, and how project managers can keep them in balance to ensure project success. No single variable of the project triangle can be changed without making tradeoffs with the other two points of the triangle. Every project manager who has known the frustration of trying to keep their team productive with too little time, not enough budget, and an impossibly large scope has experienced the project management triangle in action. The project management triangle visualizes the problem of “triple constraints”-the need to balance scope, cost, and time in order to maintain a high-quality final product. ![]()
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