Project Management Triangle
According to Bethke (2003), Project management triangle, also known as iron triangle, is a model of constraint for project management where three attributes; time, cost and scope, are used to illustrate that the success of a project is determined by the capacity of the project team to manage the project so that the expected outcome is achieved. With the project management triangle, the three sides are interrelated; one side cannot be altered without affecting the other parts.
For instance, the project manager usually has three main options to choose from when embarking on a project. One option is that, if the individual designs a project that will be completed in a shorter time (schedule) but the person desires the project to have high quality (scope) then the individual must be ready to have a high cost (budget). Another option is that, if individual designs a project that would have a shorter time schedule but the individual desires to spend less in the budget, then the person should expect that the project result would not have high quality. The third option is that, if one desires a project of high quality with an elaborate scope but the individual wants to spend less in the budget, then the person should be ready to increase the time schedule for the project.
How The Budget Will Impact The Project Scope
The budget of a project depends partly on the scope and partly on the time schedule of the project. If the project is supposed to be elaborate, with a lot of detail, which would result in a product or result that is of high quality, then the budget for such a project will be higher. However, if the project scope is reduced such that some of the detail regarding the project is taken out, then the expenditure for such a project will be less and it is expected to produce a result of less quality. Some of the variables that influence the budget for a project include the resources for the project, the labor rates as well as other factors which influence cost variation.
How The Budget And Scope Impact The Schedule
In a project whereby the attention is being paid to high quality and hence has an elaborate scope, the expectation is a higher budget that usually implies that the time schedule for such a project will be shorter. This is because since the project has a higher budget a lot more people can be hired to do the various tasks involved with the project, and this will result in a project will be completed in a shorter time period.
On the other hand, if project management has a lower budget but wants to produce a product such as the GPS of higher quality and cheaper than those of their competitors, then the schedule required for such a project will be longer.
References
Bethke, E. (2003). Game Development and Production. p.65.
Microsoft corporation (2014). Every Project Plan Is A Triangle. Retrieved on April 30, 2014 from http://office.microsoft.com/en-us/project-help/every-project-plan-is-a-triangle-HA001021180.aspx
