We have discussed many topics under Project Management, which the viewers can check out through this backlink. Today, we will be canvassing on the topic, namely, Project Management Triangle. Project management triangle mews up various names such as Iron Triangle, Project Triangle, Triple Constraint Triangle, Agile Triangle, and more. This model dates back to the 1950s when it was popular in project engineering and construction, and later it got immense popularity in the field of project management. The project management triangle addresses the problem of triple constraints, namely,
1. Scope
2. Time
3. Cost
The amalgamation of these three constraints needs to be balanced for the delivery of high-quality products at the end of the project. Before the execution of the project, three things are considered very important as the deliverables: Better quality with fast execution at low cost. Every single project is implemented with this demand. This very demand consists of three major constraints mentioned above. Project management triangle is that guiding model specially designed for project managers so that they can handle the trade-off situations and make sure the project objectives get aligned considering the given constraints.
A project manager is the leader of any project. His/her roles and responsibilities are not just leading the team or meetings. It's more than that. He or she must constitute a diverse skill set of:
i) Management and leadership
ii) Technical management
iii) Conflict management
iv) Maintaining customer relationship
v) Strategy development and more
Every project manager has to face a situation where he or she has to lead the team with deadlines coming near with cost overruns and no sufficient budget or a large project scope where handling such constraints will be quite difficult for them. In this situation, the project management triangle has to be set up into action. The three components of a project management triangle are intertwined with each other meaning a certain change in one factor affects the others. For instance,
i) when the project scope is to be increased with additional features, the time of project completion or deadlines have to be extended resulting in additional costs such as team members’ salaries, resources maximization, etc.
ii) when the project deadline has to be curtailed also, it may lead to cost maximization, whereas the project scope is reduced
iii) again when there is a limited budget, the scope and deadlines are affected as lower resources mean reduced scope and longer project tenures
The trade-offs within the two sectors of the project management triangle are mandatory if any component has to be changed. It's the duty of the project manager to maintain all these three components in balance so that the project gets completed within the stipulated period and cost while aligning with the project specifications and validations. The project management triangle showcases the linkage between these components and if one variable is to be changed, others need to follow adjustments and in case of the failures of such adjustments, the project has to suffer failures or scope creep, bad quality, and other negative circumstances.
What is Scope?
The scope of the project indicates the boundaries, expected results, and specifications that need to be followed for the project's success. The features are often documented in the Scope Statement.
What is Time?
It is the tenure or deadline of the project starting from the incorporation until the end of the project.
What is the Cost?
Cost is the mandatory financial resource required for the completion of the project that affords labor, materials, and apparatuses required for the project execution.
When one variable is to be altered, the two must be ready to be in the play of adjustments. These three factors are interlinked and the project manager must know about the relationship (direct or inverse) between these three factors. When the project scope is to be enhanced, tenure and cost factors should be increased that indicate a positive relationship. Again, where there are cost cuts, the timelines need to be extended and the scope has to be minimized indicating an inverse relationship. When timelines are to be shortened, the costs are to be maximized while the project specifications and validations are declined to the extent.
Hence, the project manager must find the smartest ways to tackle the triple constraints that enhance the efficiency of the project. He or she can adopt some strategies for managing Project Triangle such as:
At first, the priority should be made clear in the beginning. At least one of the factors should be modifiable enough so that adjustments can be implemented during the required time. With the alignment of project activities, priorities are set with discussions and meetings. If cost minimization is the main agenda, the deadlines can be moved backward rather than announcing vacancies for the project members. A project manager should be clear about the priority for necessary adjustments.
The project limits, deadlines, expectations, and priorities should be communicated effectively to all the stakeholders so that necessary calls to action can be taken. This helps to the estimation of the upcoming constraints without conflict among the concerned parties. Transparency should be maintained enough to avoid unnecessary discords that may invite other issues along with triple constraints.
There are several project management methodologies that can be used for project management triangles. The resource-saving and time-saving methodologies such as Agile, Waterfall, Lean, Scrum, Kanban, and other various methodologies can be used. These methods can assist in regular monitoring, control, and resources’ optimization in the project.
Several risks are involved in the project management. These risks can't be eradicated but mitigated to avoid bigger issues in the future. The team should work hand in hand studying such risks and do homework on risk management processes such as the plan of action for Scope creep, innovative solutions during budget overruns, teamwork for shorter deadlines, etc. Once the risks are studied and known, the best measures of action such as contingency buffers or budgets can be taken as actions for triple constraint theory.
With the emerging trend of tools and technology in the project management sector, there are numerous tools and project management software that can be used for triple constraint theory. The Gantt charts, Critical Path Method (CPM), and multiple project management software can be used to mitigate the negative constraints. Furthermore, stakeholder involvement is a must, along with learning and an adaptable environment.
With time, there has been the development of a project management diamond that includes additional “Customer Satisfaction” as an important component. When the three constraints of the project management triangle are balanced, the fourth component can be achieved as a resultant outcome. In a nutshell, the ultimate goal of project management is the completion of a project within the said deadline with assigned budget and scope specification but when one has to be changed, others get affected and hence flexibility approach is a must-to-go for the adjustments to maintain a balance between the three constraints along with the fourth one- customer satisfaction.