Project Management Triangle - Revision history

Tkokotas at 14:09, 18 December 2018

2018-12-18T14:09:59Z

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			''Developed by Swaroop Kumar Sahu''


	'''The Project Management''' Triangle (called also Triple Constraint or the Iron Triangle) is a model of the constraints of project management.The triangle is used by managers to analyze or understand the difficulties that may arise due to implementing and executing a project.It is used to illustrate that project management success is measured by the project team's ability to manage the project, so that the expected results are produced while managing time and cost.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.There are three main interdependent constraints for every project; time, cost and scope.<ref name=" PMT">Tutorials point:Project Management Triangle </ref> They are a part of every project and though they can be limiting, when properly managed they should not affect a successful project outcome. These are often characterized in the Project Management Triangle.		'''The Project Management''' Triangle (called also Triple Constraint or the Iron Triangle) is a model of the constraints of project management.The triangle is used by managers to analyze or understand the difficulties that may arise due to implementing and executing a project.It is used to illustrate that project management success is measured by the project team's ability to manage the project, so that the expected results are produced while managing time and cost.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.There are three main interdependent constraints for every project; time, cost and scope.<ref name=" PMT">Tutorials point:Project Management Triangle </ref> They are a part of every project and though they can be limiting, when properly managed they should not affect a successful project outcome. These are often characterized in the Project Management Triangle.

SKS534 at 21:44, 26 September 2016

2016-09-26T21:44:58Z

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	The triple constraint is about balancing each constraint to reach a successful conclusion. As the project progresses, the project manager may find that any changes impact one or more of the constraints. What might happen? Here are some examples:<ref name=" PMBOK-2" /> <br />		The triple constraint is about balancing each constraint to reach a successful conclusion. As the project progresses, the project manager may find that any changes impact one or more of the constraints. What might happen? Here are some examples:<ref name=" PMBOK-2" /> <br />

	#During an engineering project, an unexpected budget cut is imposed on the project after the company posts poorer than expected ~~4th quarter~~ financial results.		#During an engineering project, an unexpected budget cut is imposed on the project after the company posts poorer than expected quarterly financial results.
	#*Impact: Scope is cut, quality is reduced, and the schedule is pushed back so that cheaper resources can be found. The most significant constraint, in this case, is the cost (the money the company is willing to spend).		#*Impact: Scope is cut, quality is reduced, and the schedule is pushed back so that cheaper resources can be found. The most significant constraint, in this case, is the cost (the money the company is willing to spend).<ref name=" PMTC">Understanding Triple Management Project Constraint:By Duncan Haughey </ref>
	#During a project to create a new mobile phone handset, the customer asks that the launch date is brought forward two weeks to coincide with a major industry show.		#During a project to create a new mobile phone handset, the customer asks that the launch date is brought forward two weeks to coincide with a major industry show.
	#*Impact: Costs increase as more people are added to meet the new deadline. Some features of the product are removed and put into a phase two release to reduce delivery time and meet the new launch date. The most significant constraint, in this case, is time (project schedule).		#*Impact: Costs increase as more people are added to meet the new deadline. Some features of the product are removed and put into a phase two release to reduce delivery time and meet the new launch date. The most significant constraint, in this case, is time (project schedule).<ref name=" PMTC" />
	#During a software development project, your customer increases the scope. The client asks that new features be added to the software after learning that a competitor's product will be in direct competition with their own. It is important the product includes these new features if it is to compete successfully.		#During a software development project, your customer increases the scope. The client asks that new features be added to the software after learning that a competitor's product will be in direct competition with their own. It is important the product includes these new features if it is to compete successfully.
	#*Impact: The budget and schedule increase as a result of pushing up the final delivery date. More people are added to minimize disruption to the project schedule, thereby increasing the project's overall cost. The most significant constraint, in this case, is scope (features of the product).		#*Impact: The budget and schedule increase as a result of pushing up the final delivery date. More people are added to minimize disruption to the project schedule, thereby increasing the project's overall cost. The most significant constraint, in this case, is scope (features of the product).<ref name=" PMTC" />
	The triple constraint represents key elements of a project that, when balanced well, lead to success.		The triple constraint represents key elements of a project that, when balanced well, lead to success.

SKS534: /* Equitable Relationship */

2016-09-26T21:40:38Z

Equitable Relationship

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	=='''Equitable Relationship'''==		=='''Equitable Relationship'''==

	On a practical side, the purpose of the triangle is to maintain a balance of Scope, Cost & Time between parties involved in the project. Usually Clients and Designers have a bit of edge over Contractors to squeeze them by changing scope of work with the fixed amount of time and cost as agreed before. This is where a PM must come in and try to maintain the balance and to safeguard the employer interest and ultimately to safeguard the project interest. The term “Equitable Relationship” best explains the phenomena of having fair and balanced relationship between the concerned parties by keeping Scope, Cost & Time within an agreed boundary as it was defined at the start of the project. Only by keeping this balance PMs are capable to smoothly start, initiate, execute, operate, finished and commissioned the project as per the defined parameters. If the balance is not maintained then the project can have undesired outcomes. This is best explained by Figure-10. The figure considers scope as constant whereas the other constraints are varied. As stated the following three outcomes may result: <br /> ''Faster time + High Quality= Less Expensive'' <br /> ''Faster time + Less expensive = Lower Quality'' <br /> *''High Quality + Less Expensive = Lower Time'' <ref name=" TCT" />		On a practical side, the purpose of the triangle is to maintain a balance of Scope, Cost & Time between parties involved in the project. Usually Clients and Designers have a bit of edge over Contractors to squeeze them by changing scope of work with the fixed amount of time and cost as agreed before. This is where a PM must come in and try to maintain the balance and to safeguard the employer interest and ultimately to safeguard the project interest. The term “Equitable Relationship” best explains the phenomena of having fair and balanced relationship between the concerned parties by keeping Scope, Cost & Time within an agreed boundary as it was defined at the start of the project. Only by keeping this balance PMs are capable to smoothly start, initiate, execute, operate, finished and commissioned the project as per the defined parameters. If the balance is not maintained then the project can have undesired outcomes. This is best explained by Figure-10. The figure considers scope as constant whereas the other constraints are varied. As stated the following three outcomes may result: <br /> ''Faster time + High Quality= Less Expensive''<ref name=" TCT" /> <br /> ''Faster time + Less expensive = Lower Quality''<ref name=" TCT" /> <br /> *''High Quality + Less Expensive = Lower Time'' <ref name=" TCT" />

	=='''Conclusion'''==		=='''Conclusion'''==

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Annotated Bibliography

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	=='''Annotated Bibliography'''==		=='''Annotated Bibliography'''==
	~~----~~
	'''Project Management Institute. (2008). A Guide to the Project Management Body of Knowledge:''' The Project Management Body of Knowledge is a set of standard terminology and guidelines for project management. This is a recognized formal standard for the project management profession and describes established norms, methods, processes and practices for project, program and portfolio management.		'''Project Management Institute. (2008). A Guide to the Project Management Body of Knowledge:''' The Project Management Body of Knowledge is a set of standard terminology and guidelines for project management. This is a recognized formal standard for the project management profession and describes established norms, methods, processes and practices for project, program and portfolio management.

SKS534: /* References */

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References

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	=='''References'''==		=='''References'''==
	~~----~~
	<references />		<references />

SKS534: /* Conclusion */

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Conclusion

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	=='''Conclusion'''==		=='''Conclusion'''==
	~~----~~
	In a project the detailed scope definition, correct cost & time allocation is very necessary for the project success. In many projects customers and suppliers don’t put considerable amount of time and effort to define the scope which may lead to many conflicts and disputes in the later stages.In many cases customers are either not capable to define the scope properly or believe to be the waste of time to define it in detail before the start of the project. As project proceeds; their demands or needs start to change towards ask for more which bring the supplier into conflicting situation.Therefore scope must be clearly defined by the customer as this leads to the definition of Time & Cost. Project Management Triangle is an important aspect of any project and if used properly, leads to successful results. Being fully aware of its function is an important aspect of the project manager’s role and responsibility. <ref name=" TCT" />		In a project the detailed scope definition, correct cost & time allocation is very necessary for the project success. In many projects customers and suppliers don’t put considerable amount of time and effort to define the scope which may lead to many conflicts and disputes in the later stages.In many cases customers are either not capable to define the scope properly or believe to be the waste of time to define it in detail before the start of the project. As project proceeds; their demands or needs start to change towards ask for more which bring the supplier into conflicting situation.Therefore scope must be clearly defined by the customer as this leads to the definition of Time & Cost. Project Management Triangle is an important aspect of any project and if used properly, leads to successful results. Being fully aware of its function is an important aspect of the project manager’s role and responsibility. <ref name=" TCT" />

SKS534: /* Equitable Relationship */

2016-09-26T21:37:20Z

Equitable Relationship

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	=='''Equitable Relationship'''==		=='''Equitable Relationship'''==
	~~----~~
	On a practical side, the purpose of the triangle is to maintain a balance of Scope, Cost & Time between parties involved in the project. Usually Clients and Designers have a bit of edge over Contractors to squeeze them by changing scope of work with the fixed amount of time and cost as agreed before. This is where a PM must come in and try to maintain the balance and to safeguard the employer interest and ultimately to safeguard the project interest. The term “Equitable Relationship” best explains the phenomena of having fair and balanced relationship between the concerned parties by keeping Scope, Cost & Time within an agreed boundary as it was defined at the start of the project. Only by keeping this balance PMs are capable to smoothly start, initiate, execute, operate, finished and commissioned the project as per the defined parameters. If the balance is not maintained then the project can have undesired outcomes. This is best explained by Figure-10. The figure considers scope as constant whereas the other constraints are varied. As stated the following three outcomes may result: <br /> ''Faster time + High Quality= Less Expensive'' <br /> ''Faster time + Less expensive = Lower Quality'' <br /> *''High Quality + Less Expensive = Lower Time'' <ref name=" TCT" />		On a practical side, the purpose of the triangle is to maintain a balance of Scope, Cost & Time between parties involved in the project. Usually Clients and Designers have a bit of edge over Contractors to squeeze them by changing scope of work with the fixed amount of time and cost as agreed before. This is where a PM must come in and try to maintain the balance and to safeguard the employer interest and ultimately to safeguard the project interest. The term “Equitable Relationship” best explains the phenomena of having fair and balanced relationship between the concerned parties by keeping Scope, Cost & Time within an agreed boundary as it was defined at the start of the project. Only by keeping this balance PMs are capable to smoothly start, initiate, execute, operate, finished and commissioned the project as per the defined parameters. If the balance is not maintained then the project can have undesired outcomes. This is best explained by Figure-10. The figure considers scope as constant whereas the other constraints are varied. As stated the following three outcomes may result: <br /> ''Faster time + High Quality= Less Expensive'' <br /> ''Faster time + Less expensive = Lower Quality'' <br /> *''High Quality + Less Expensive = Lower Time'' <ref name=" TCT" />

SKS534: /* Examples of Failure in managing constraints */

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Examples of Failure in managing constraints

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	=='''Examples of Failure in managing constraints'''==		=='''Examples of Failure in managing constraints'''==
	~~----~~

	The triple constraint is about balancing each constraint to reach a successful conclusion. As the project progresses, the project manager may find that any changes impact one or more of the constraints. What might happen? Here are some examples:<ref name=" PMBOK-2" /> <br />		The triple constraint is about balancing each constraint to reach a successful conclusion. As the project progresses, the project manager may find that any changes impact one or more of the constraints. What might happen? Here are some examples:<ref name=" PMBOK-2" /> <br />

SKS534: /* Managing the Constraints: */

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Managing the Constraints:

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	=='''Managing the Constraints:'''==		=='''Managing the Constraints:'''==
	~~----~~

	==='''Project Scope Management'''===		==='''Project Scope Management'''===

SKS534: /* Project Cost Management */

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Project Cost Management

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	# Tools & Techniques : Earned value management, Forecasting, To-complete performance index, Performance reviews, Project Management software, Reserve analysis.		# Tools & Techniques : Earned value management, Forecasting, To-complete performance index, Performance reviews, Project Management software, Reserve analysis.
	# Outputs : Work performance information, Cost forecast, Change requests, Project management plan updates, Project documents updates, Organizational process assets update.		# Outputs : Work performance information, Cost forecast, Change requests, Project management plan updates, Project documents updates, Organizational process assets update.
	[[File:s.png\|thumb\|200px\|Figure-9:Constraints Broken\|right]]		[[File:s.png\|thumb\|200px\|Figure-9:Constraints Broken\|right]]

	=='''Examples of Failure in managing constraints'''==		=='''Examples of Failure in managing constraints'''==
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