Project managers are essential members of any organization. They are tasked with the difficult task of managing a project from concept to completion while consistently delivering high-quality results to their clients.
Overcoming constraints and limitations is a daily occurrence for project managers. To successfully complete their projects — whether they face material delays or an unmotivated project team — these professionals must perform a balancing act, weighing the provided fixed constraints against unforeseen variables and limitations.
The project management triangle defines the undisputed relationship between a project’s fixed constraints, including cost, time, and scope, in the same way, that the theory of constraints enables project managers to make effective decisions throughout a project.
Let’s look more closely at what a project management triangle is, what its basic concepts are, and how project managers use it to deliver high-quality projects to clients.
What exactly is a Project Management Triangle?
The project management triangle is the project manager’s heartbeat. The project management triangle, also known as the ‘iron triangle’ or the ‘triple constraint,’ takes into account the three common constraints that coexist within a project — cost, time, and scope.
The triple constraint is illustrated using a triangle diagram to show how interconnected these three elements are. If one or more constraints are changed, the remaining components will be affected to varying degrees.
For example, if the project’s scope expands, the project manager will almost certainly need more funding for labor or resources, as well as additional time to complete the new tasks.
The Project Management Triangle’s Fundamental Concepts
Before the project begins, project managers and clients should determine the project management triangle. It is critical for all stakeholders to understand and agree on the project’s constraints in order to make the best decisions for the project’s outcome.
Project managers can work toward the highest quality project delivery by identifying the three basic concepts of the project management triangle.
Triangle’s Three Primary Elements
1. Financial Restriction
The project cost includes the sum of all required materials, labor, and any additional elements needed to complete the scope of the project within the timeframe specified.
Clients are always concerned about the project’s cost. It is difficult for project managers to provide an accurate estimate of a project’s cost. If the scope or timelines of the project change, the cost of the project will inevitably change as well.
The following are some of the most common consequences of a cost constraint:
Unexpected changes in supplier pricing
Staffing shortages and recruitment costs
The project’s scope has been expanded to include new deliverables.
2. Time Restriction
The time constraint for any assigned project refers to the client’s expected project delivery date. Time constraints in the project management triangle are frequently among the most difficult obstacles for project managers to overcome.
Any delays in materials or unexpected challenges for the team can cause significant delays in the project, making meeting fixed time constraints difficult. And, because time constraints are directly related to project cost and scope, any impact on the time constraint can snowball into additional labor costs or significant sacrifices to the project’s overall scope.
Common consequences of a project’s time constraint include:
Vendor resource delays that were not anticipated
Client-supplied deliverables were added to the project scope.
Underestimating the duration of a project task
3. Scope Restriction
The scope of a project refers to all of the work that must be done in order for the project to be completed successfully. This is why project managers and stakeholders must identify and document the scope of the project from the beginning.
The scope constraint provides project managers with goals and guides them through the process of estimating project costs and accurately scheduling all labor. As you might expect, changing the scope of a project at any stage can have a domino effect throughout the entire project. Project managers may be forced to postpone delivery dates, incur additional labor costs, or both.
The Project Management Triangle’s Common Applications and Uses
One way for project managers to effectively plan, schedule, and deliver a successful project is to balance the basic limitations within the project management triangle.
A project manager can improve the overall quality of the project and provide a positive experience for all parties involved by identifying stakeholder expectations and constraints. Project managers can best assess all scenarios by using the project management triangle as a guide to making decisions that are in the best interests of the client.
The project management triangle is commonly applied and used in the following ways:
Risks should be anticipated and mitigated.
Though risks are unavoidable, understanding the iron triangle of a project can help project managers be proactive in their decision-making and mitigate risks. Knowing which constraints are fixed and which have some wiggle room allows the project manager to navigate obstacles and achieve the desired result.
Improve Client Communication
Poor communication is a factor in 56% of all failed projects, according to one PMI study.
So, how does the project management triangle come in handy? When project managers have limited understanding or experience in project management fundamentals, using the iron triangle as a visual tool can help them explain project constraints to clients and stakeholders.
Adapt to Changes in the Project
Changes in scope, timelines, and budgets are all too common for project managers. A solid understanding of the project management triangle’s fixed constraints enables project managers to adapt or pivot to unexpected project changes or new requirements.
Provide High-Quality Projects
The goal of a project manager is to deliver only the highest quality project to the client. Deploying the project management triangle and successfully balancing the project’s fixed constraints can help all projects succeed.
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The PMP course covers new trends, emerging practices, tailoring considerations, and core project management competencies.
