Deciphering the Project Management Triangle

Identifying and overcoming project constraints can significantly increase your chances of success. Project management knowledge and expertise are crucial skills. You can prioritize and plan projects and tasks by identifying their potential to generate value and impact on business. Every project faces a lot of challenges throughout its lifecycle. This post at The Digital Project Manager by Sarah Hoban discusses three main constraints of the project management triangle, also called the iron triangle.

What is Project Management Triangle?

The project management triangle represents the issue of “three constraints”—the requirement to balance scope, money, and time to retain a high-quality final output. The project management triangle is something that every project manager has seen in action. When project managers struggle to keep their team productive while working with inadequate resources, a tight budget, and an impossible scope. Therefore, to maintain the project on schedule, within budget, and meeting the requirements of the project’s scope, project managers must strike a balance between all three factors. For the following reasons, project managers should consider using the project management triangle:

Scope – In a project, the scope refers to the work that needs to be done. It is an outline of the services and products to be delivered, along with a timeframe for completing them.

Time – The time required to complete the project.

Cost – A project’s cost refers to all of the financial and non-financial resources necessary to complete the work. These include labor, hardware, and software costs.

Why Does It Matter?

Understanding how altering one project constraint would impact other constraints is helpful. For instance, altering the scope of a product translates into changing the budget or the timeline (or both).

The author also shares some business use cases and discusses the triple-changing constraints and tips for managing project constraints.

To read the original article, click on https://thedigitalprojectmanager.com/triple-constraint/

The post Deciphering the Project Management Triangle appeared first on AITS CAI’s Accelerating IT Success.

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