The Iron Triangle of Project Management
Balancing Your Budget, Scope, and Schedule
You’re managing the implementation of a new reporting system for your organization.
As your project progresses, things happen differently from how you’d planned.
You find that you need extra computer hardware, and some tasks have taken longer to complete than you originally predicted.
To get the tasks completed on time, you consider recruiting more contractors. But, to do this, you’d have to take other costs out of the project’s budget. You think about not buying the extra computer hardware that you need, however, this would mean changing the project’s scope, so that some functionality isn’t delivered.
In many projects, the budget, scope and schedule are closely linked. Changes to one of these three key constraints will most likely affect the others, or impact on the quality of the project.