Triangle of Project Management

What is Triangle of Project Management

● A model of project management that visualizes the three constraints

● It is also called Iron Triangle

● It comprises of three constraints, which are:

- Time - Scope

- Budget
What is Triangle of Project Management
3 Constraints of Project Management
Triangle
Time Constraint
What is Time Constraint

● It represents the project’s scheduled completion

● In some cases, a project's timeline is concrete

● It has 5 elements, which are:

- Overall Project Timeline - Time allotted for planning and strategy

- Hours worked on Project - Number of project phases

- Internal calendars and goalposts

Guide for Time Management

● Planning the schedule

● Identifying and defining the all activities in the project

● Establishing correct sequence

● Estimating all the resources required

● Estimating the duration

● Tracking of project’s progress

Scope Constraint
What is Scope Constraint

● It is the project's "size" in terms of the quality, depth, and volume of its deliverables.
● Controlling project scope is crucial since changes in scope nearly always have an
influence on cost and timeline.
● Scope must include:

- Project Complexity - Strength

- Quantity of finished product/s - Level of details

- Output quality
Cost Constraint
What is Cost Constraint

● It is the financial constraint, often known as the budget, of project management triangle.
● This triangle point has all of the tools, equipment, and assistance needed to finish the
project.
● To control project expenses, project managers must first create a budget and a baseline
by combining the following items:

- Historic data from similar project/s

- Establishing resources costs at a unit level

- Highest and Lowest ranges are anticipated

- Vendor bids averages

References:

● https://asana.com/resources/project-management-triangle
● https://www.villanovau.com/resources/project-management/iron-triangle-pro
ject-management/

● https://www.prince2.com/uk/blog/project-triangle-constraints
● https://en.wikipedia.org/wiki/Project_management_triangle