Project Management Triangle

The project management triangle is the 3 constraint model, which is time, cost, and scope. These 3 elements are inherent while managing a project. Every project manager has to work around these constraints along with various other factors for the success of a project. The three constraints are interdependent. Change in one constraint will impact the other two. If you change the scope of a project, it will impact time and cost. Similarly, if the deadline is reduced, it can lead to increase in cost and narrowing the project scope. All the factors of the Project Management triangle contribute towards the quality and result of the project.

The Project Management triangle is also known by the name Triple Constraint, Iron Triangle, and Project Triangle. The success of the project is quite dependent on how the 3 constraints are managed by a project manager. Let’s have a look into each of these constraints:

Time

Every project has a set timeline. It has a start date and a closing date. A project manager has to work on these timelines to complete the project. A fixed schedule will help project managers to decide when the project will reach certain milestones. Though it is important to adhere to the timelines, project managers are in circumstances where they have to alter them. The reasons for altering the timelines can be due to technical issues, delay in receiving supplies and raw materials, and change in deliverables.

There are times when project managers predict wrong deadlines, which impacts the success of a project. There are also times when clients require a project to be completed earlier than the proposed deadline. For instance, the finalized deadline set by the client to complete the project was May. Later, the client changes the launch date to April. The project managers will have to change the schedule of the project, which will impact the scope and cost to complete the work before the new deadline.