There used to be an Iron Triangle of Project Management. “Used to be”, because the Project Management constraints are no longer limited to just 3 or 4 parameters. More and more experts agree that there are 6 constraints of Project Management –
- Time (Schedule) – The project must be completed on time
- Cost – The project must stay within the budget
- Scope – The project scope must be managed throughout
- Quality – The product of the project must do what it is supposed to do
- Resources – This includes both physical and team resources. Both are needed for the project
- Risk – Unexpected events can derail your project so risk planning is essential
Resources and Risk do not appear in the Iron Triangle of Project Management but it is obvious that they are significant project parameters and definitely qualify for being project constraints.
Note that as a Project Manager, you need to simultaneously manage all six constraints at all times. Favoring one constraint over others is a recipe for disaster. This holds true for changes in the project too. Any time your project changes, you’ll need to figure out how that change affects all the constraints.
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