The magic triangle as a project management tool - Revision history

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2022-03-22T21:33:34Z

Quality

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	===Quality===		===Quality===
	Quality is the product of time and cost because these two constraints determine whether a project is a success or failure <ref>Encyclopedia - ~~Iron~~ triangle</ref>. The quality therefore determines whether the desired outcome and scope of the project are achieved or not. This extends to the requirements defined by the scope of the project. Quality delivery can be assessed as soon as the project is completed, the success however may be realized immediately or perhaps it may take many years to be able to evaluate its success or failure after the project has ended.		Quality is the product of time and cost because these two constraints determine whether a project is a success or failure <ref>Encyclopedia - The iron triangle</ref>. The quality therefore determines whether the desired outcome and scope of the project are achieved or not. This extends to the requirements defined by the scope of the project. Quality delivery can be assessed as soon as the project is completed, the success however may be realized immediately or perhaps it may take many years to be able to evaluate its success or failure after the project has ended.
	The scope of a project comprises all the necessary tasks that need to be carried out to achieve the project’s overall goal. <br> Any change affecting time and cost eventually affects the scope of the project and requires experience and expertise of project managers to find the right balance between the three constraints of the iron triangle. Depending on some factors, the scope of a project can be redefined by the stakeholders, or the project manager and some adjustments can also be made to achieve the desired quality and outcome.		The scope of a project comprises all the necessary tasks that need to be carried out to achieve the project’s overall goal. <br> Any change affecting time and cost eventually affects the scope of the project and requires experience and expertise of project managers to find the right balance between the three constraints of the iron triangle. Depending on some factors, the scope of a project can be redefined by the stakeholders, or the project manager and some adjustments can also be made to achieve the desired quality and outcome.
	There two types of scope definition or goal setting in project management namely SMART and FAST goal settings [[https://www.workpath.com/magazine/fast-goals]].The abbreviations [[SMART]] and [[FAST]] are given below ''but this article will not focus on them''.		There two types of scope definition or goal setting in project management namely SMART and FAST goal settings [[https://www.workpath.com/magazine/fast-goals]].The abbreviations [[SMART]] and [[FAST]] are given below ''but this article will not focus on them''.

S213057: /* Applications of the iron triangle */

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Applications of the iron triangle

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	The success of some projects can easily be determined while others that are very complex may take a longer time to get the benefits and the desired outcome. A similar scenario is the [[Sydney Opera House]] in Australia that took so many years to realize its quality and benefits.		The success of some projects can easily be determined while others that are very complex may take a longer time to get the benefits and the desired outcome. A similar scenario is the [[Sydney Opera House]] in Australia that took so many years to realize its quality and benefits.
	<br>The quality of a project can be assessed using quality assurance by contracting third parties or the project manager who supervised the project.<br/>Cost estimation is used to establish the financial controls to be used throughout the lifecycle of the project to facilitate delivery within the approved budget<ref>The PMI-PMBOK standards & ISO 21500 and 21502 standards.</ref>.		<br>The quality of a project can be assessed using quality assurance by contracting third parties or the project manager who supervised the project.<br/>Cost estimation is used to establish the financial controls to be used throughout the lifecycle of the project to facilitate delivery within the approved budget<ref>The PMI-PMBOK standards & ISO 21500 and 21502 standards.</ref>.
	<br> The cost estimation of a project include the cost of materials and resources (including human resources) that will be available for the execution of the project. Thus, cost estimation as a ''key pillar of the iron triangle'' provides more information for planning, scheduling, and budgeting. The principle of cost estimation involves estimating each component of the planned work to be done, developing a budget, and using control techniques such as ''earned value management'' to monitor and foretell future performance of the company <ref> The constructor.org/construction/methods - cost-estimation.</ref>. <br> Budgeting and cost estimation go hand in hand, however budgeting is broader and involves using cost estimation to provide a general overview of the allocated funds available in order to spend within the budget, thus reducing overspending and embezzlement of funds.		<br> The cost estimation of a project include the cost of materials and resources (including human resources) that will be available for the execution of the project. Thus, cost estimation as a ''key pillar of the iron triangle'' provides more information for planning, scheduling, and budgeting. The principle of cost estimation involves estimating each component of the planned work to be done, developing a budget, and using control techniques such as ''earned value management'' to monitor and foretell future performance of the company <ref> The constructor.org/construction/methods - cost-estimation.</ref>. <br> Budgeting and cost estimation go hand in hand, however budgeting is broader and involves using cost estimation to provide a general overview of the allocated funds available in order to spend within the budget, thus reducing overspending and embezzlement of funds.<br>
	Making estimation of costs can be a headache even to many experienced project managers.<ref>Morris, P., & Pinto, J. K. (2004). The Wiley guide to managing projects. Hoboken, NJ: John Wiley & Sons. </ref>		Making estimation of costs can be a headache even to many experienced project managers.<ref>Morris, P., & Pinto, J. K. (2004). The Wiley guide to managing projects. Hoboken, NJ: John Wiley & Sons. </ref>
	I have therefore delved into a few of the most popular cost estimation methods used by project managers below. The estimation of cost is done using one or a combination of the following methods. It is also noteworthy that, there are two main methods of estimation.		I have therefore delved into a few of the most popular cost estimation methods used by project managers below. The estimation of cost is done using one or a combination of the following methods. It is also noteworthy that, there are two main methods of estimation.

S213057: /* Applications of the iron triangle */

2022-03-22T21:30:43Z

Applications of the iron triangle

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	<br>The quality of a project can be assessed using quality assurance by contracting third parties or the project manager who supervised the project.<br/>Cost estimation is used to establish the financial controls to be used throughout the lifecycle of the project to facilitate delivery within the approved budget<ref>The PMI-PMBOK standards & ISO 21500 and 21502 standards.</ref>.		<br>The quality of a project can be assessed using quality assurance by contracting third parties or the project manager who supervised the project.<br/>Cost estimation is used to establish the financial controls to be used throughout the lifecycle of the project to facilitate delivery within the approved budget<ref>The PMI-PMBOK standards & ISO 21500 and 21502 standards.</ref>.
	<br> The cost estimation of a project include the cost of materials and resources (including human resources) that will be available for the execution of the project. Thus, cost estimation as a ''key pillar of the iron triangle'' provides more information for planning, scheduling, and budgeting. The principle of cost estimation involves estimating each component of the planned work to be done, developing a budget, and using control techniques such as ''earned value management'' to monitor and foretell future performance of the company <ref> The constructor.org/construction/methods - cost-estimation.</ref>. <br> Budgeting and cost estimation go hand in hand, however budgeting is broader and involves using cost estimation to provide a general overview of the allocated funds available in order to spend within the budget, thus reducing overspending and embezzlement of funds.		<br> The cost estimation of a project include the cost of materials and resources (including human resources) that will be available for the execution of the project. Thus, cost estimation as a ''key pillar of the iron triangle'' provides more information for planning, scheduling, and budgeting. The principle of cost estimation involves estimating each component of the planned work to be done, developing a budget, and using control techniques such as ''earned value management'' to monitor and foretell future performance of the company <ref> The constructor.org/construction/methods - cost-estimation.</ref>. <br> Budgeting and cost estimation go hand in hand, however budgeting is broader and involves using cost estimation to provide a general overview of the allocated funds available in order to spend within the budget, thus reducing overspending and embezzlement of funds.

	~~----~~

	Making estimation of costs can be a headache even to many experienced project managers.<ref>Morris, P., & Pinto, J. K. (2004). The Wiley guide to managing projects. Hoboken, NJ: John Wiley & Sons. </ref>		Making estimation of costs can be a headache even to many experienced project managers.<ref>Morris, P., & Pinto, J. K. (2004). The Wiley guide to managing projects. Hoboken, NJ: John Wiley & Sons. </ref>
	I have therefore delved into a few of the most popular cost estimation methods used by project managers below. The estimation of cost is done using one or a combination of the following methods. It is also noteworthy that, there are two main methods of estimation.		I have therefore delved into a few of the most popular cost estimation methods used by project managers below. The estimation of cost is done using one or a combination of the following methods. It is also noteworthy that, there are two main methods of estimation.

S213057: /* Limitations of the iron triangle */

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Limitations of the iron triangle

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	==Limitations of the iron triangle==		==Limitations of the iron triangle==

	The magic triangle despite its importance in project management has some limitations that need to be addressed.The iron triangle should be modified because of the following limitations.		The magic triangle despite its importance in project management has some limitations that need to be addressed.The iron triangle should be modified because of the following limitations.

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	'''• Cost and time estimations are uncertain and unrealistic.'''		'''• Cost and time estimations are uncertain and unrealistic.'''

	Cost estimations are done when uncertainty is at its highest. Projects are full of uncertainties when estimating costs, time and the quality cannot be defined in detail. The need for flexibility is what the magic triangle is lacking.		Cost estimations are done when uncertainty is at its highest. Projects are full of uncertainties when estimating costs, time and the quality cannot be defined in detail. The need for flexibility is what the magic triangle is lacking.
	For instance, If the initial investment target was 80%, a reduction in quality is likely to occur because of tight unrealistic budget and time will reduce it to about 60 %. However, cost needs to be optimized to avoid over expenditure and inflation of budgets which do not match with the benefits and outcome of projects.		For instance, If the initial investment target was 80%, a reduction in quality is likely to occur because of tight unrealistic budget and time will reduce it to about 60 %. However, cost needs to be optimized to avoid over expenditure and inflation of budgets which do not match with the benefits and outcome of projects.

S213057: /* Time */

2022-03-22T21:26:36Z

Time

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	Project managers always try to opt for the lowest cost possible however it requires experience to balance or adjust them in order not to affect the quality of the desired outcome.		Project managers always try to opt for the lowest cost possible however it requires experience to balance or adjust them in order not to affect the quality of the desired outcome.
	<br/>Cost estimation forms the basis for budgeting and is also known as the financial constraint of the iron triangle. For instance, when the cost is increased it means more workers can be employed to speed up project delivery and capital or resources can also be increased simultaneously.<br/> Cost estimation and budgeting are very important especially in the initial phase of the project planning.		<br/>Cost estimation forms the basis for budgeting and is also known as the financial constraint of the iron triangle. For instance, when the cost is increased it means more workers can be employed to speed up project delivery and capital or resources can also be increased simultaneously.<br/> Cost estimation and budgeting are very important especially in the initial phase of the project planning.


	===Time===		===Time===

S213057: /* Cost */

2022-03-22T21:26:13Z

Cost

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	Project managers always try to opt for the lowest cost possible however it requires experience to balance or adjust them in order not to affect the quality of the desired outcome.		Project managers always try to opt for the lowest cost possible however it requires experience to balance or adjust them in order not to affect the quality of the desired outcome.
	<br/>Cost estimation forms the basis for budgeting and is also known as the financial constraint of the iron triangle. For instance, when the cost is increased it means more workers can be employed to speed up project delivery and capital or resources can also be increased simultaneously.<br/> Cost estimation and budgeting are very important especially in the initial phase of the project planning.		<br/>Cost estimation forms the basis for budgeting and is also known as the financial constraint of the iron triangle. For instance, when the cost is increased it means more workers can be employed to speed up project delivery and capital or resources can also be increased simultaneously.<br/> Cost estimation and budgeting are very important especially in the initial phase of the project planning.

	===Time===		===Time===
	A project delivery time involves planning and scheduling and using the critical path to predict the shortest project delivery time. It is always advisable for project managers to have three options in planning and scheduling. The impossible project delivery time should be given to the stakeholder, the likely one be given to project teams and the most likely for the project manager himself. Project managers normally focus on the shortest realistically possible project delivery time, however cost and uncertainties should be taken into account when planning the project delivery time without affecting the quality.		A project delivery time involves planning and scheduling and using the critical path to predict the shortest project delivery time. It is always advisable for project managers to have three options in planning and scheduling. The impossible project delivery time should be given to the stakeholder, the likely one be given to project teams and the most likely for the project manager himself. Project managers normally focus on the shortest realistically possible project delivery time, however cost and uncertainties should be taken into account when planning the project delivery time without affecting the quality.

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Abstract

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	''key words'': ''cost estimation, critical path, project success, iron/magic triangle, project management ,key performance indicators''.		''key words'': ''cost estimation, project management star, critical path, project success, iron/magic triangle, project management ,key performance indicators''.

	==The big idea and concept of the iron triangle==		==The big idea and concept of the iron triangle==

S213057: /* The big idea and concept of the iron triangle */

2022-03-22T21:23:40Z

The big idea and concept of the iron triangle

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	The three constraints are cost, time and quality. <ref>The scope is usually located in the middle of the triangle because it is the scope that determines the three constraints such as cost, quality and time. T Saarinen Systems development methodology and project success Information and Management, 19 (1990),pp. 183-193.</ref>		The three constraints are cost, time and quality. <ref>The scope is usually located in the middle of the triangle because it is the scope that determines the three constraints such as cost, quality and time. T Saarinen Systems development methodology and project success Information and Management, 19 (1990),pp. 183-193.</ref>
	The position of these three pillars depends on the original scope of the project , the purpose of the project or its desired outcome depending on the amount of resources and time available. However, it normally requires an experienced project manager to balance or adjust these three pillars to achieve the desired outcome. The iron triangle also forms the basis of the success criteria that will later be used to ascertain whether a project is a success or failure. The success criteria however goes beyond the three pillars to include other factors like safety and scope. Each of the three constraints are discussed below in a much greater detail.		The position of these three pillars depends on the original scope of the project , the purpose of the project or its desired outcome depending on the amount of resources and time available. However, it normally requires an experienced project manager to balance or adjust these three pillars to achieve the desired outcome. The iron triangle also forms the basis of the success criteria that will later be used to ascertain whether a project is a success or failure. The success criteria however goes beyond the three pillars to include other factors like safety and scope. Each of the three constraints are discussed below in a much greater detail.
			===Cost===
	===Cost===The cost of a project includes the estimated budget and resources both capital and human available for the execution of the entire project. <br> Cost is a very important factor in budgeting to achieve the desired outcome of a project delivery. The cost must be reasonably estimated because it can affect other factors such as schedule, project delivery and quality as the three constraints are interdependent.		The cost of a project includes the estimated budget and resources both capital and human available for the execution of the entire project. <br> Cost is a very important factor in budgeting to achieve the desired outcome of a project delivery. The cost must be reasonably estimated because it can affect other factors such as schedule, project delivery and quality as the three constraints are interdependent.
	The cost of defined scope of a project can be redefined depending on the scope of the project and that can affect the project quality and the delivery time <ref>www.villanovau.com/resources/project-management/iron-triangle-project-management.</ref>.<br>For instance, decreasing cost will affect the project quality and likewise increasing cost. This is because the cost directly affects the resources available both human and capital for the execution of the project.		The cost of defined scope of a project can be redefined depending on the scope of the project and that can affect the project quality and the delivery time <ref>www.villanovau.com/resources/project-management/iron-triangle-project-management.</ref>.<br>For instance, decreasing cost will affect the project quality and likewise increasing cost. This is because the cost directly affects the resources available both human and capital for the execution of the project.
	In determining the cost of a project, its important for the project manager to consider effectively plan by considering other factors like inflation and uncertainties like unknown unknowns that can significantly delay projects and affect their critical path and delivery dates.		In determining the cost of a project, its important for the project manager to consider effectively plan by considering other factors like inflation and uncertainties like unknown unknowns that can significantly delay projects and affect their critical path and delivery dates.

S213057: /* The big idea and concept of the iron triangle */

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The big idea and concept of the iron triangle

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	The three constraints are cost, time and quality. <ref>The scope is usually located in the middle of the triangle because it is the scope that determines the three constraints such as cost, quality and time. T Saarinen Systems development methodology and project success Information and Management, 19 (1990),pp. 183-193.</ref>		The three constraints are cost, time and quality. <ref>The scope is usually located in the middle of the triangle because it is the scope that determines the three constraints such as cost, quality and time. T Saarinen Systems development methodology and project success Information and Management, 19 (1990),pp. 183-193.</ref>
	The position of these three pillars depends on the original scope of the project , the purpose of the project or its desired outcome depending on the amount of resources and time available. However, it normally requires an experienced project manager to balance or adjust these three pillars to achieve the desired outcome. The iron triangle also forms the basis of the success criteria that will later be used to ascertain whether a project is a success or failure. The success criteria however goes beyond the three pillars to include other factors like safety and scope. Each of the three constraints are discussed below in a much greater detail.~~<br>~~		The position of these three pillars depends on the original scope of the project , the purpose of the project or its desired outcome depending on the amount of resources and time available. However, it normally requires an experienced project manager to balance or adjust these three pillars to achieve the desired outcome. The iron triangle also forms the basis of the success criteria that will later be used to ascertain whether a project is a success or failure. The success criteria however goes beyond the three pillars to include other factors like safety and scope. Each of the three constraints are discussed below in a much greater detail.

	===Cost===The cost of a project includes the estimated budget and resources both capital and human available for the execution of the entire project. <br> Cost is a very important factor in budgeting to achieve the desired outcome of a project delivery. The cost must be reasonably estimated because it can affect other factors such as schedule, project delivery and quality as the three constraints are interdependent.		===Cost===The cost of a project includes the estimated budget and resources both capital and human available for the execution of the entire project. <br> Cost is a very important factor in budgeting to achieve the desired outcome of a project delivery. The cost must be reasonably estimated because it can affect other factors such as schedule, project delivery and quality as the three constraints are interdependent.
	The cost of defined scope of a project can be redefined depending on the scope of the project and that can affect the project quality and the delivery time <ref>www.villanovau.com/resources/project-management/iron-triangle-project-management.</ref>.<br>For instance, decreasing cost will affect the project quality and likewise increasing cost. This is because the cost directly affects the resources available both human and capital for the execution of the project.		The cost of defined scope of a project can be redefined depending on the scope of the project and that can affect the project quality and the delivery time <ref>www.villanovau.com/resources/project-management/iron-triangle-project-management.</ref>.<br>For instance, decreasing cost will affect the project quality and likewise increasing cost. This is because the cost directly affects the resources available both human and capital for the execution of the project.

S213057: /* The big idea and concept of the iron triangle */

2022-03-22T21:23:06Z

The big idea and concept of the iron triangle

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	The three constraints are cost, time and quality. <ref>The scope is usually located in the middle of the triangle because it is the scope that determines the three constraints such as cost, quality and time. T Saarinen Systems development methodology and project success Information and Management, 19 (1990),pp. 183-193.</ref>		The three constraints are cost, time and quality. <ref>The scope is usually located in the middle of the triangle because it is the scope that determines the three constraints such as cost, quality and time. T Saarinen Systems development methodology and project success Information and Management, 19 (1990),pp. 183-193.</ref>
	The position of these three pillars depends on the original scope of the project , the purpose of the project or its desired outcome depending on the amount of resources and time available. However, it normally requires an experienced project manager to balance or adjust these three pillars to achieve the desired outcome. The iron triangle also forms the basis of the success criteria that will later be used to ascertain whether a project is a success or failure. The success criteria however goes beyond the three pillars to include other factors like safety and scope. Each of the three constraints are discussed below in a much greater detail.		The position of these three pillars depends on the original scope of the project , the purpose of the project or its desired outcome depending on the amount of resources and time available. However, it normally requires an experienced project manager to balance or adjust these three pillars to achieve the desired outcome. The iron triangle also forms the basis of the success criteria that will later be used to ascertain whether a project is a success or failure. The success criteria however goes beyond the three pillars to include other factors like safety and scope. Each of the three constraints are discussed below in a much greater detail.<br>
	===Cost===The cost of a project includes the estimated budget and resources both capital and human available for the execution of the entire project. <br> Cost is a very important factor in budgeting to achieve the desired outcome of a project delivery. The cost must be reasonably estimated because it can affect other factors such as schedule, project delivery and quality as the three constraints are interdependent.		===Cost===The cost of a project includes the estimated budget and resources both capital and human available for the execution of the entire project. <br> Cost is a very important factor in budgeting to achieve the desired outcome of a project delivery. The cost must be reasonably estimated because it can affect other factors such as schedule, project delivery and quality as the three constraints are interdependent.
	The cost of defined scope of a project can be redefined depending on the scope of the project and that can affect the project quality and the delivery time <ref>www.villanovau.com/resources/project-management/iron-triangle-project-management.</ref>.<br>For instance, decreasing cost will affect the project quality and likewise increasing cost. This is because the cost directly affects the resources available both human and capital for the execution of the project.		The cost of defined scope of a project can be redefined depending on the scope of the project and that can affect the project quality and the delivery time <ref>www.villanovau.com/resources/project-management/iron-triangle-project-management.</ref>.<br>For instance, decreasing cost will affect the project quality and likewise increasing cost. This is because the cost directly affects the resources available both human and capital for the execution of the project.