A project manager’s old joke goes something like we can make it good, fast and cheap – as long as you only pick two of those. OK, maybe that doesn’t have people rolling in the aisles, but it speaks directly to the three classic constraints that any project manager will face when launching a new endeavor.
The iron triangle (or the triple constraint) consists of three equally important sides: scope, time and cost. Not to be left out, included in the center of the triangle is quality. The visual is an equilateral triangle presenting the need for balance of an on time, on budget project that meets stakeholders agreed upon needs (with quality as a driving need). While it is seemingly straightforward, any seasoned project manager will explain that it is easier said than done. If any element of the triangle slips it can result in delays in the schedule, cost overruns, poor quality and a project that simply does not fulfill the needs of the client.
To better understand the overall impact of the constraints triangle it should be looked at in pieces. In no particular order the following are a brief explanation of the three main aspects to project constraint management.
Project Costs
In the simplest terms, cost is exactly what it sounds like, how much will this project cost to fully implement? More than just a budget, project costs take into account all aspects of expenditures on a project; including, but not limited to professional compensation, land costs, construction costs, furnishings, equipment and financing. Often when speeding up the timeline or increasing the scope of the work, stakeholders forget that these impact the overall cost of a project.
For example, if someone want to keep the same implementation date, while increasing the amount of work then it dictates that they will need to increase costs due to increased resource needs. No one side of the triangle can be changed without impacting the rest and costs is a constraint that must be actively managed in order to keep a project on track.
Project Scope
While costs can be worked and negotiated to some extent on a project, sometimes the project scope is even harder to keep within reasonable bounds. Projects, as defined by the Project Management Institute, is an activity that has a beginning and an end which is carried out to achieve a particular purpose to a set quality within given time constraints and cost limits.
While a seemingly straightforward definition, often scope can be one of the harder constraint to nail down due to conflicting priorities, agendas and basic communication missteps that can occur with stakeholders. Getting all members of a project team to agree upon a singular vision for a project is a usually one of the first steps in a project and will be the overriding theme in everything that the project will attempt to accomplish.
Project Time
Time estimates (or the project schedule) drive the setting of milestones and delivery dates of key aspects of the project. Many project managers are often faced with being given a project with an already set deadline before a single hour of work has been done on it. When facing time constraints on a project businesses will most definitely need to adjust their cost estimates and reign in their scope to be able to hit any deadlines. While it is likely most project managers get their delivery date before they can fully assess the needs of their project and its stakeholders, it is key to fully understand what they need to achieve before they can estimate how long a project will take.
Finally, the last element of the triangle is quality. While not necessarily looked upon as pivotal part of the triangle, in today’s corporate climate a project manager can be sure that they will not only be expected to deliver on time and on budget, but with a quality product that fits their stakeholders need and should be thought of as another element of the iron triangle.
Jessica Jones - I am a seasoned Project Manager who has worked primarily as a consultant throughout my career. I am a PM who knows how to drive a project ...
