The Triple Constraint: Cost, Scope and Schedule
The triple constraint is also referred as the project management triangle or the iron triangle. It is used in project management as a graphic aid that helps in analyzing the project’s goals. It helps the team in a certain project to evaluate the management of costs and time in relation to expected results or goals.
Cost
Scope Time
Cost
In project management, cost refers to the financial value attached to resources used in the project. All resources have a cost or monetary value in relation to a project. Resources used in a project such as labor or workforce and materials must be accounted for to enhance proper assessment and management of the project (Allen, Herring, Moody, & Williams, 2015). The delivery of the project must be done within specified cost.
Since all projects are guided by a budget, they must adhere to customer expectations in terms of financial constraints and willingness to spend money on the project. Cost effectiveness in project management enhances customer satisfaction and project success. The three aspects of the triple constraints are interrelated. When costs in a project are reduced, certain aspects such as time must be increased in order to achieve the desired project goals. While projects scope must be reduced.
Scope
The scope of a project refers to the agreed upon features, data, and functions that clearly specific the project details (Hamid, Ghafoor, & Shah, 2012). The scope must be clearly understood and specifically stated to enhance project performance. It specifically states the particulars to be included in a specific project. The projects’ financial results are clearly expressed by the scope
When the scope is not understood or defined fully, the project fails. Therefore, the scope, cost and time are critical to the success of the project. When the projects scope is increased, the time and costs to the project must be increased.
Time or schedule
All projects must be delivered within a specified timeline. Project deadlines must be met to ensure customer satisfaction and overall project efficiency. Time table and deadlines guide project managers in regard to the success or failure of the project. When projects’ work is done within timelines, it indicates proper management of resources and time.
When projects time is reduced, the scope of the project is reduced while project costs are increased significantly. The correlation of these three aspects must be balanced to ensure no wasted of time and other resources in a project.
In project reporting, the triangle represents the critical project elements that enhance the success of the project. The three factors must be balanced and critically evaluated at every stage of the project. Any changes to the project must be evaluated in regard to these three aspects. Most projects have a limited budget to deliver the best quality within a certain period. It is therefore important for project managers to ensure that they reach best results by weighing a constraint against another (Dobson, 2004).
All the stakeholders to a project must be briefed on the three aspects of a project; time, cost and scope. Reporting using the three aspects ensures that the customer is satisfied and the project achieves the desired results. When quality projects are completed within the deadline, scope, and budget, they are said to be completed successfully. Project managers must ensure that the customer, employees and other stakeholders fully understand the need to deliver within the scope of the project in cost effective and timely manner.
References
Allen, M., Herring, K., Moody, J., & Williams, C. (2015). Project Procurement: Impact of
Contract Incentives and Penalties. International Journal of Global Business 8(2), 1-26.
Dobson, M. S. (2004). The triple constraints in project management. Vienna, VA: Management
Concepts.
Hamid, S. A., Ghafoor, H.A, & Shah, T. Z (2012). Work Environment and its Impact on Triple
Constraint of Project Management. Information Management and Business Review, 4 (10), 542-545.
