The project management triangle is the 3 constraint model, which is time, cost, and scope. These 3 elements are inherent while managing a project. Every project manager has to work around these constraints along with various other factors for the success of a project. The three constraints are interdependent. Change in one constraint will impact the other two. If you change the scope of a project, it will impact time and cost. Similarly, if the deadline is reduced, it can lead to increase in cost and narrowing the project scope. All the factors of the Project Management triangle contribute towards the quality and result of the project.
The Project Management triangle is also known by the name Triple Constraint, Iron Triangle, and Project Triangle. The success of the project is quite dependent on how the 3 constraints are managed by a project manager. Let’s have a look into each of these constraints:
Every project has a set timeline. It has a start date and a closing date. A project manager has to work on these timelines to complete the project. A fixed schedule will help project managers to decide when the project will reach certain milestones. Though it is important to adhere to the timelines, project managers are in circumstances where they have to alter them. The reasons for altering the timelines can be due to technical issues, delay in receiving supplies and raw materials, and change in deliverables.
There are times when project managers predict wrong deadlines, which impacts the success of a project. There are also times when clients require a project to be completed earlier than the proposed deadline. For instance, the finalized deadline set by the client to complete the project was May. Later, the client changes the launch date to April. The project managers will have to change the schedule of the project, which will impact the scope and cost to complete the work before the new deadline.
Every project requires a budget, and its success is depended on the estimated budget. The project manager proposes a budget by estimating the costs involved in a project. The factors that impact the costs are fluctuations in the international market, the increase in prices of raw materials and other supplies, and the cost of buying new technology or software. Though the project manager estimates the cost, there are times when the budget of a project may increase or decrease during the different phases of the project. The success of a project is depended on how effectively these predictions are made by the project manager. The fluctuations in the cost will have a deep impact on the success of the project. It will also affect the deadline when the project will be completed and the scope of the project.
In any project, the scope is an integral part of the triangle. It is crucial for project managers to predict the scope accurately. It will help the stakeholders and clients understand the impacts the scope will have if they make changes to the deadlines and budget during the phase of the project.
Therefore, the three constraints are crucial for a project manager to estimate the right budget, deadline, and scope. Changes in any of these elements can impact the project or lead to impacting the quality of a project. Tightening the deadline or cost can lead to delivering a poor quality product or the scope of the project. Though these are three important elements of the Project Management Triangle, project managers have to consider many other factors during the life cycle of a project.
It is not easy for a project manager to manage a project without making accurate estimations and predictions. The project management certification prepares project managers and develops the right skills to understand the scope, cost, and time required for a project. They also need to have an understanding of various other factors like managing resources, risks, products, and so on. The understanding of how to manage a project and the right skills help in their role to be successful with the project planning and execution.
Certification Planner is a leading training provider for Project Management courses. To know more about the various Project Management courses email us at [email protected] or call us at 855.322.1201 or visit us at www.certificationplanner.com.