What is triple constraint?

Triple constraint is a project management concept that says every

project operates within the boundaries of scope, time, and cost.

A change in one factor will inevitably affect the other two.

As a project manager, it$$s your job to balance these $3$ constraints and

manage expectations so everyone understands what it takes to

achieve project success.

In other words, it$$s all about trade$-$offs.

For example, if a client wants to add a bunch of new features to the

project$$s scope, they$$ll have to budget more time and money to get

the project done. Or if your boss slashes your project budget, you$$ll

need to scale back the requirements.

What is the iron triangle of project

management?

The $$iron triangle$$sometimes also called the $$project

management triangle$$is a visual representation of the

triple constraint model. Each side or point of the iron

triangle represents one of the $3$ constraints of project

management:

Time: What$$s the deadline for project delivery?

Cost: What budget does the project need to work within?

Scope: What requirements and$/$or deliverables are

included in the project?

$1.$ Managing scope constraints

Scope creep has a funny way of sneaking up on you. Before you know it$,$

$$just one more thing$$ has turned into a completely different project

deliverable.

That$$s why it$$s important to define goals and document project requirements

before work begins. That way everyone knows what $$done$$ looks like, and

you have a project truth to refer to if the scope starts to creep.

Adding more features can stretch a project$$s time and budget constraints.

You$$ll either need to extend the deadline or assign more people to the work,

increasing project costs. Monitoring scope changes enables you to discuss

trade$-$offs early and make necessary adjustments before your project gets off

course.

$2.$ Managing time and$/$or schedule

constraints

In project management, most folks know, if you want a project done fast, it$$s

gonna cost you$$especially if you$$re not willing to bend on the scope. That$$s

because a short deadline requires more resources to get the work done on

time.

A detailed scope document provides the perfect foundation for understanding

your project$$s time constraint because you can use it to build out a project

estimate. Be sure to bring your team into the discussion and look beyond

task hours. The time you spend in meetings or holding a stakeholder$$s hand

through the process counts too.

The more accurate your estimate, the better. After all, it$$s what you$$ll use to

schedule work and drive project decisions if tough choices need to be made

to meet the project deadline.

$3.$ Managing cost and$/$or budget

constraints

Estimating a project$$s time and effort also forms the basis for your project

budget. Here are a few costs to consider when formulating a project budget:

$$ Resource costs, based on estimated hours $($or story points in Agile project

management$)$

$$ Materials

$$ Equipment

When it comes to budget constraints, remember, it$$s best to communicate

early and often. No one likes being surprised by a big bill $($or the tense

conversation that inevitably follows$).$

If an unexpected expense pops up$,$ take time to explain how it will impact

the rest of your project, and let your client decide whether it$$s worth the

extra dough. Your client isn$$t a project expert and may not realize how much

that shiny new feature will cost them in the end