“Understanding Time, Cost, Quality, and Risk Trade-Off In Construction ” by Aalaa Mohammed

Abstract

In the construction industry, projects consist of many different variables that affect successful completion. These variables may be scope, cost, time, quality, risk management and assessment, and more. Although all factors affect various construction projects differently, the three main variables that often result in a need for a trade-off decision are cost, quality, and time. Often referred to as the “Iron Triangle” or the “Triple Constraint”, many times owners and project managers are put under the pressure of having to choose two out of the three variables. If the project is cheap, it cannot be completed quickly and be of the best quality. Similarly, if the project is high quality, more expenses will be incurred and/or more time will be required. Through a review of literature and administration of a topic related survey, my methodology consisted of identifying the most common trade-offs for construction projects, and whether there is a difference between owner and project manager decisions under such situations.