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The Project Triangle

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Project management is a constant balancing act of managing the tension between project deadlines and costs deadlines to deliver the intended project scope. You might have heard the old saying, “Cheap, fast, or good. Pick two.” This illustrates the project triangle, which is also known as the project management triangle, triple constraint, or the iron triangle.

Suppose your project is to develop a new website. If you have a spare budget and need to launch it in two weeks, the website might be more minimal with fewer features. But if you have an ample budget and several months of development time, the site might contain all the information and features that the project sponsor wants. If your customer wants the website in two weeks and is adamant that all the information and features are included without delay, it will be more expensive.

Therefore, the two triangle sides that are non-negotiable, and the one side that's flexible, determines the constraints of your project and where your project has some “give.”

Several interpretations of the project triangle exist. One version is the triangle sided with time, cost, and quality, with scope in the center. You might see it as a project rectangle with scope, schedule, budget, and quality. Another version is a six-sided project star with scope, schedule, budget, risk, resources, and quality. Figure 1.1 illustrates the concept of a good interpretation of the project triangle with time, cost, and scope.

Depending on the interpretation, a budget can include all resources that cost money including staff, equipment, and materials. Scope might include quality.

While project managers can and do argue about the “right” project triangle, the important thing is to simply keep the model in mind as you manage your projects. Your job as project manager is to know the ranked priorities and constraints of your project and to make adjustments accordingly.

FIGURE 1.1 A project triangle

Microsoft Project Fundamentals

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