Triple Constraints of Project Management You Should Know
There are triple constraints in Project Management. It consists of key elements that are important to deliver the final results on a project. We deal with these concepts throughout our projects. The three components are SCOPE, COST, and TIME. This is also called the Triple Constraint Model or the Iron Triangle.
This article focuses on explaining the triple constraints of project management and the importance of these factors that you should know while managing a project for the best quality results.
To expand the scope of the project which might mean extending the scope of the project or increasing the cost in a condition that does not affect the quality output of the project. In the same way, shortening the schedule to meet an advance deadline might mean increasing the budget or strengthening the scope. To reduce the timeline and budget without changing the scope, you might have to shorten the scope which means reducing the quality of the project.
Table of Content:
- The Three Components
- Why Project Management Triangle Matters
- How Should I Manage Project Management Triangle
- How to Balance the Triple Constraints
- Closing Thoughts
- Frequently Asked Questions
The Three Components
Scope
Scope is the Requirement or Resources that are collected in the starting stage which is based on which other elements rely. With that, they negotiate to achieve the scope and objectives to create a direct impact on the quality of output. The tasks and deliverables are completed to hit the targets.
Elements:
- Project achievement.
- Quantity of finished products.
- Worth of the output.
- Level of details and strength.
- Number of features.
Cost
This is also called a Budget. Cost/Budget is an estimation that is required to complete a project successfully. A rough amount for the project will be accumulated based on the resources, required services, assets, and getting people on board. These factors are neutralized to meet the final project.
In short, the cost will be acquired to meet the resources for a project. Adding new members to the team might impact on the cost to complete the project. (Phentermine)
Elements:
- Number of team members.
- Financial budget.
- Equipment and facilities.
- Project’s worth.
- Employee salaries.
Time
Time in project management is basically in how much time it will take to complete the project. This is also called a Schedule. A project must be completed and delivered on time. Activities required on a project should be properly scheduled as it is a time-bound task. A stretched scope can increase timelines.
Elements:
- Overall timeline of the project.
- Hours worked.
- Time for planning and strategy.
- Number of projects taken up.
- Meeting reminders and deadlines.
When we don’t effectively address any of these three aspects, projects are in significant danger. The effects of one constraint can also be felt by the others. To prevent any risk during the project’s execution and guarantee the delivery of rich, high-quality results, it is your primary obligation as a project manager to control and moderate these three project management components as well as other aspects.
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Why Triple Constraints of Project Management Matters
The triple constraints of project management are a useful concept for people working under project management. It can be either for a company where a group of members works as one or for a single project manager. The following reasons matters in a project management concept:
- It explains the priorities of a project. You might have a short deadline, a limited budget, or a very specific project. By knowing these aspects, you can provide better ideas for your project of what a successful project looks like.
- It can help in risk reduction. Managers can identify and manage risks beforehand. It’s simple, you need to Communicate risks to others, prioritize risks that have a major impact, analyze their cause, implement responses as early as possible, keep track regularly, and finalize the solution to avoid further risks.
- Understand how one project constraint can impact other projects. The change in one project’s scope will impact the budget and timeline (either extended or shortened).
- Your business should run smoothly. When you stick to these three components and approach your projects with this, you are free from risks and distractions that will take you off track.
- Your business will be promoted. When your projects hit high ranks, there is no doubt that your company or your business will reach the top list and get more clients. Your company’s name will be branded and you can expect higher pay and profits.
How Should I Manage Triple Constraints of Project Management
It is neither tough nor easy to manage your projects in a business. You can find concrete ways that can balance your constraints of the project management triangle.
- Change the project management process.
- Fix a method on the constraint basis.
- Communicate with collaborators.
- Manage risk bearing in the management process.
- Allocate time to do a survey and draft what the users need.
How to Balance the Triple Constraints of Project Management
- The triangle is in balance when the scope is equal to the combination of cost and time.
- If you want to add scope to your work, you need to increase either time or cost to balance your triangle.
- If any one variable from cost and time falls, your target scope will be less until alterations are made.
- Time variable should be maintained until the end of your work progress to match the scope and cost.
Closing Thoughts
Triple Constraints of Project Management is one of the many basic concepts that project managers should be equipped with. Keep implementing and experimenting with the triple concepts of the project management triangle. When you start implementing this for your minor projects at first, you will end up with a smooth flow of management when you deal with major projects. Ensure that the triangle is in motion.
There will always be restrictions on a project. It is your responsibility as the project manager to explain this reciprocal relationship to your clients so they are aware that if one constraint changes, the other constraints are probably going to be impacted as well.
For more information on project management software and methodologies read our blogs.
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Frequently Asked Questions (FAQs)
Why is the Project Management triple triangle important?
The Project management triangle used to manage projects makes it easier to see how restrictions relate to one another. Additionally, it can lower project risks or offer you guidance on how to manage its problems. The project management triangle can aid in determining a project’s priorities.
What are the stages in the Project Management lifecycle?
The life cycle in Project Management has four stages: Initiate, Plan, Execute, and Close. These stages are summed up as “Monitoring and Controlling”. These four stages might feel simple, but it does create a great impact on the Project Management Field.
What defines a poor scope in Project Management?
Lack of communication between stakeholders and the team, unclear goals and plans, and Slag in the schedule are some of the main reasons that define a poor scope in project management. This causes a greater impact on the business streams and society.
Simon Calder
Chris “Simon” Calder was working as a Project Manager in IT for one of Los Angeles’ most prestigious cultural institutions, LACMA. He taught himself to use Microsoft Project from a giant textbook and hated every moment of it. Online learning was in its infancy then, but he spotted an opportunity and made an online MS Project course - the rest, as they say, is history!