Project Management Triangle
Project management is an integral aspect of businesses and regular life. Though we may not realise it, we take on projects every now and then in our every day living, though they may not be as technical.
It is crucial in undertakings at various phases of business, whether in the course of developing a new product, launching it, adopting or upgrading a software application, starting a new business etc.
Whether such projects are one-off, temporary, or of a lasting nature, success depends on how well they are planned, organised and followed through to closure.
Projects irrespective of size, encounter constraints. These come in the area of cost, time and scope of the project. This is where the triple constraint otherwise known as the Project Management Triangle comes in.
Basically, the Project Management Triangle throws light on how the success of a project is impacted by its budget, deadlines and features.
A Project manager can trade among these three constraints, bearing in mind that changing the constraints of one, would be at the expense of the other two to some extent.
Whatever trade off is opted for, it should be targeted at an optimal management of scope creeps which occur due to unforseen circumstances.
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