sBudget, scope, and schedule—these are three of the most important aspects involved in project management. These three constraints are so closely related to each other that changes to one element will affect the other or impact the overall result of the project.
Experts from Mainpac.com.au discusses the relationship shared by the three to help you deal with the problems that affect your business.
Quality or Scope
The scope of work includes a definition of what’s in and out of the plan, and how the project should be performed or accomplished. It specifies the features, functions, and content that will be included in the project. The scope also expresses the desired results of the work. By increasing the project’s scope, you will also need to add to the budget or change its schedule.
Cost or Budget
Most projects have a limited budget that everyone needs to stick to. The resources include materials needed for the job, labour or manpower cost, income for risk management, and any other third party resources. If the project’s budget is reduced, you will need to lower your expectations or extend time.
Time or Schedule
This refers to the deadline or amount of time needed to complete the entire project. This specifies the required time needed to accomplish each task and estimates the duration of the project. When you change or reduce its time, you will need to reduce its scope or add to the budget.
The way you deliver the project within these three limitations can influence your project positively or negatively. It is important to examine the relationship between the three elements to deliver your work efficiently. As a project manager, it is your role to look for any changes that may impact one or more constraints. The key is to balance each to reach a successful conclusion.
Understand the triple constraint of project management so you can better analyse the risks and protect your business from unrealistic expectations. This will also help you to be properly equipped when adjusting one or more elements.