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How Can You Successfully Manage The Project Management Triangle? 


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For a project to succeed, a project manager must address a variety of concerns at the same time. The Project Management Triangle is made up of three major factors that influence project outcomes.

The following are the three points of a project management triangle:

  • Cost
  • Scope
  • Time

These Three Constraints Are Connected In Some Way

Let’s say a client asks you to expand broaden the scope of a project you’re currently working on. When the scope of the project expands, the time it takes to complete it as well as the cost will change. As a result of their interdependence, these three factors form a project management triangle.

A project manager must strike a balance between these three constraints in order to deliver a high-quality product.

When we look at the diagram below, we can see that quality is in the middle of the triangle, with time, cost, and scope at the ends. It implies that quality is a factor that cannot be compromised or negotiated, whereas time, cost, and scope are all negotiable or changeable. For instance, if any Mobile App Development Company strives for a new mobile application, they should approach a great and Unique Mobile App, at a decided cost, in a reasonable span of time with the appropriate scope of work.

Why Is It Critical To Maintain A Balanced Project Management Triangle?

From the start of a project, the three constraints of project management software must be considered. A project manager must strike a balance between these three constraints in order to deliver a high-quality product.

When we look at the diagram below, we can see that quality is in the middle of the triangle, with time, cost, and scope at the ends. It implies that quality is a factor that cannot be compromised or negotiated, whereas time, cost, and scope are all negotiable or changeable.

Why Is It Critical To Maintain A Balanced Project Management Triangle?

From the start of a project, the three constraints of project management software must be considered. Let’s take a closer look at the project management triangle and how changes to any of its constraints can have an impact on the entire project.

The Project Management Triangle is Made Up Of The Following Terms:

Scope

In a project, scope refers to all of the work that must be completed as well as all of the services that must be provided. It encompasses the entire gamut of tasks. Now, an increase in scope, or the amount of work, would result in an increase in the amount of time required as well as the amount of money spent on the project. Furthermore, adding new functionalities would necessitate additional resources, which you may not have considered when planning.

The hiring of additional resources for this project puts the project manager in a tight spot as the costs and development time increase.

Time

Time is one of the vertices of a project management triangle, and it determines whether a project succeeds or fails. Clients frequently inquire at the start of a project about how long it will take to complete the project and how much it will cost. For a project manager, answering this question can be challenging. To calculate time, it is necessary to accurately estimate all other factors (resources, project type, potential bottlenecks, and so on).

The hiring of additional resources for this project puts the project manager in a tight spot as the costs and development time increase.

Cost

Cost is extremely important, and going over budget can result in a project’s serious failure. In general, clients’ costs are calculated using the formula below.

Hours of service (h) * Hourly rate ($) = cost ($)

Requests for changes or new functionality can have a significant impact on a project’s cost.

How a Project Management Tool Aids in the PM Triangle’s Balancing

It aids in the visual planning of projects using tools such as a Gantt chart. You can track all of the project tasks against a timeline to see how long they’ll take. When all of the tasks are laid out in a timeline format, you can easily determine the resources and budget that are required. Once you’ve established these parameters, you can communicate them to your clients and keep them updated to ensure transparency.

Aside from that, you can see your project’s bottlenecks or problem areas while it’s still in progress.

This ensures that you do not fall behind on the project’s timeline and that it does not become overdue.

Project management software’s pre-made templates can save you time by allowing you to plan your projects without having to start from scratch. Collaboration becomes second nature, and roles and responsibilities are clearly define. On a Gantt chart, you can easily change the schedule and everyone will be informed. Managers can get a clear picture of each team member’s workload and make appropriate decisions.

Conclusion

Effective planning, clear visibility into processes, and the ability to make adjustments on the fly can all help maintain a stable relationship between project management’s various constraints. Another important factor that ensures your projects do not fall through the cracks is communication. When team members and managers communicate effortlessly and effectively at all times, efficiency increases dramatically, and projects can be completed successfully within the time frame and budget set.


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