The project management triangle is used by managers to analyze or understand the difficulties that can arise in the execution and execution of a project. All projects, follow elements of the project triangle regardless of size, have many limitations. While there are many limitations to such a project, they should not be a barrier to successful project implementation and effective decision-making.
The Elements Of The Project Triangle
The project management triangle is made up of three elements which are scope, cost, and time.This is also known as the project management triangle which this article will now discuss one by one.
1.Time
Time constraints are an important element for project success. As a project manager, it is your job to evaluate the project schedule as accurately as possible. You should rely on previous projects and use this data to plan accordingly. In addition, you should consider possible delays, change requests, risks and uncertainties. On this basis, you should determine the exact duration of the project and pass it on to those involved.
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Also, make sure you include the deadlines for each phase. It helps you focus on important tasks and complete them on time. However, not meeting the schedule may result in project delays. Therefore, a clearly defined project plan is one of the most important strategies for effective time management. You should take the time to plan ahead to minimize the number of adjustments needed in the future and reduce the time spent on unnecessary activities.
2. Cost
Cost refers to the amount of money invested in the project to achieve the desired results. For example, a client wants to develop a website for their company with an estimated budget of $1 million. As a project manager, you need to plan projects so that they don’t go over budget. You must control the costs within the proposed budget, otherwise it will result in excess.
It is very important to estimate costs as accurately as possible before making a project plan. This allows you to create a baseline to compare your costs throughout the project cycle and monitor your progress. In addition, you can compare costs with thoroughly researched market prices, supplier offers, historical data, to mention a few.
3. Scope
The scope of the project is not an evaluation but a set of guaranteed results. For the project to be successful, the main outcomes or stages defined in the scope must be achievable. These results need to be agreed upon by key stakeholders. For example, in a house building project, the scope includes the construction of two bedrooms, a kitchen and an entrance hall.
However, interior design and flooring are not included. The project manager must indicate which results are delivered and which are not. This way, everyone involved in the project knows what they are trying to achieve. For project managers, a thorough scope assessment is critical to determining project success. To do this, you must first create a project scope statement outlining what will and will not be included in the project.
4. Quality
Quality is not part of the project management triangle, but the ultimate goal of every delivery. Therefore, the project management triangle means quality. Many project managers believe that “high quality comes at a high price,” which is partly true. Using lesser resources to meet project deadlines does not guarantee overall project success. In like manner as scope, quality equally, will be an integral deliverable for the project.
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