Project Management Triangle – Learn Project Management Concepts using simple and precise free downloadable tutorials. Prepare for PMI certification and triple constraints of project management pdf an efficient Project Manager. Project, Management, Concepts, Conflict, Crisis, Motivation, RACI Chart.
The project management triangle is used by managers to analyze or understand the difficulties that may arise due to implementing and executing a project. All projects irrespective of their size will have many constraints. Although there are many such project constraints, these should not be barriers for successful project execution and for the effective decision making. This is also known as Project Management Triangle. Let’s try to understand each of the element of project triangle and then how to face challenges related to each. The three constraints in a project management triangle are time, cost and scope. A project’s activities can either take shorter or longer amount of time to complete.
Completion of tasks depends on a number of factors such as the number of people working on the project, experience, skills, etc. Time is a crucial factor which is uncontrollable. On the other hand, failure to meet the deadlines in a project can create adverse effects. Most often, the main reason for organizations to fail in terms of time is due to lack of resources. It’s imperative for both the project manager and the organization to have an estimated cost when undertaking a project.
Budgets will ensure that project is developed or implemented below a certain cost. Sometimes, project managers have to allocate additional resources in order to meet the deadlines with a penalty of additional project costs. Scope looks at the outcome of the project undertaken. This consists of a list of deliverables, which need to be addressed by the project team. A successful project manager will know to manage both the scope of the project and any change in scope which impacts time and cost. Quality is not a part of the project management triangle, but it is the ultimate objective of every delivery.