Question: The triple constraint theory says that every project will include three constraints: budget/cost, time, and scope. Project Smart. (n.d.) stated that these triple constraint represents

The triple constraint theory says that every project will include three constraints: budget/cost, time, and scope. Project Smart. (n.d.) stated that these triple constraint represents vital elements of a project that, when balanced well, lead to success. They are tied to each other. (Miller, 2021)

Any change made to one of the triple constraints will have an effect on the other two. For example, if a projects due date is moved out by a week or two, your budget and scope constraints could be impacted. (Miller, 2021)

  1. Time constraint:

Time constraint refers to the projects schedule for completion, including the deadlines for each phase of the project, as well as the date for rollout of the final deliverable. Proper scheduling is essential for time constraints.

  1. Scope constraint:

The scope of a project defines its specific goals, deliverables, features, and functions, in addition to the tasks required to complete the project.

  1. Cost constraint:

The cost of the project, often dubbed the projects budget, comprises all of the financial resources needed to complete the project on time, in its predetermined scope. Keep in mind that cost does not just mean money for materials, it encompasses costs for labor, vendors, quality control, and other factors, as well. Effective cost control is paramount to the success of the project. Project managers must deliver projects within cost, on time and projects must meet the agreed scope. Project Smart. (n.d.).

Please comment on this answer providing additional feedback information to help support the answer. Do you agree or disagree and why

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!