Iron Triangle of Project Management: Elements of Project Triangle

The success of any project management is collectively decided by the project manager’s ability to complete the project in time, within the decided budget, address the scope, and deliver the desired results. Among various heterogeneous, visible and concurrent constraints, the project manager is yet to reach a stage of reasonable barter. That is what the theory of The Iron Triangle of Project Management is all about. Get the best Project Management training to boost your project management learning. 

The iron triangle is also called the ‘project iron triangle’ and deals with the flexibility capacity of any project. The project manager faces constant challenges till the completion of the project in many facets. The time cost quality triangle assures the best results for the projects.  

What 

i

s Iron Triangle in Project Management?

 

The iron triangle, also known as the project management triangle, is a business model used to manage projects by various managers. The scope, time, quality, and cost are important parameters that govern the success of a project. The agile project management triangle is a popular metaphor for describing the time, cost, scope, and quality parameters. 

The project manager carries out a balancing act between these four parameters. For instance, when the project is completed, the stipulated time governs the period of the project. In contrast, budget allocation governs the money spent on the project. These parameters are the attributes of the scope of a particular project, and all these parameters collectively define the quality of the project’s output. 

The project management triangle’s scope time and cost quality can be explained as follows: 

• Scope explains the totality of the work that should be completed.

   

• Time explains the total time that will be required to get the project done.

   

• Cost contains the budget of the amount of money the project manager will want to complete.

   

• Quality sums up the project’s entire output, whether it’s up to their desired standards or not.

   

Take the PMP prep course online to learn the functionalities of the iron project triangle. A project manager cannot follow all the rules bit by bit to go on the project, and he is allowed some liberty and flexibility to carry the project his way. But it still has to fulfill all the criteria that the project is based on. Changes in constraints can be allowed for better management of the project. 

Why 

i

s Understanding Constraints Essential for Projects?

 

Every project has certain risks and limitations. Such limitations are called project constraints. As already discussed, three major project constraints are time, cost, and scope and all these make up the ‘quality’. All these combined represent the success of a project. These are also known as the iron triangle PMP constraints. All the constraints are interrelated and interconnected. The project management triple constraint triangle can be explained as follows: 

1. 

T

ime Constraints

 

time constraint talks about the schedule link and completion date of the project. When should the project start and does the deadline for the project come under the time constraint? An effective time constraint includes the following: 

• Planning

  : Planning explains the goal of the project, the steps that will be taken to complete the project, and the people who will be working on the same.

   

• Scheduling

  : The team for project management will schedule certain tasks for certain people with deadlines for completing the particular task.

   

• Monitoring

  : The project manager will constantly monitor all the major tasks that are carried out by the team members so that the project remains on track.

   

• Control

  : In this step, the team analyses the steps that are giving positive results as well as the steps that are giving negative results. The negatives are dealt with, and the positives are given a heads-up.

   

2. 

Scope 

C

onstraint

 

The scope constraint defines what the project aims to achieve. The project’s scope is the goal, and it should be properly discussed among the company’s stakeholders. Based on the scope, the project performance, and the steps that will take place. The scope constant can further be defined as follows: 

• Proper Documentation

  : Clear documentation before the project starts is required to define the scope. It includes all the requirements that the project wishes to achieve.

   

• Think of a Process

  : Set a process for the motion of the project. If any important changes are to be made, implement them with proper control so that the functioning of the project does not get disrupted.

   

• Clear Communication

  : The line of communication should be distinct and clear when a project manager is trying to communicate the project’s whereabouts to the stakeholders.

   

3. 

Cost Constraints

 

The PMI iron triangle contains a budget for various cost analyses such as fixed costs and variable costs. There are various ways to estimate the cost constraint, which are stated as follows: 

• Historical Data

  : This means analyzing the previous projects of the same kind and what was the cost incurred by them.

   

• Resources

  : Raw materials And labor are the major resources required for any project. Cost constraint also analyses this aspect.

   

• Data Comparison

  : Parametric is a good source of calculating the cost constraint. It means comparing the historical data with the present-day data.

   

• Vendor Bids

  : Analyzing various vendors in the market and choosing the one that is best suited for your project.

   

4. 

Quality Constraints

 

When coming together, cost, time, and scope constraints are put in the value for quality constraints. Quality is a paramount requirement for the success of any project.  

Understanding the project constraints is important because these are the pillars for the success of a project. Proper project management triple constraint triangle implementation will give you the desired results. Hence, the importance of the iron triangle in project management is paramount. 

Strategies for Dealing With Project Constraints

Certain strategies help you deal with project constraints. These are important when taking into account the iron triangle PMI. The following strategies will help you become a better project manager if you implement these in due course of the project: 

1. 

Fixed 

C

ost

 

This is the fixed price quote a customer asks before purchasing or agreeing to the project. However, it encourages certain deflections. It is flexible with the delivery times. As a project manager, your team should work with absolute priority on customer orders. 

Reduce the short-term budget constraints and walk with the technical team for better functioning. Make the projects divided into shorter sprints rather than stretching them to work as longer ones. Monitor the burn rate and velocity, as it is a key indicator for measuring the cost. 

2. 

Fixed 

T

ime

 

Here the main priority of a customer is the delivery of the work in a certain time but is flexible with the scope of the project as well as the time of the same. To achieve the same, work in a manner that keeps the time parameter at the top.  

Certain deflections in the scope and cost of the project are acceptable but are rigid with time. Immerse into fewer sprint durations. stretching the project into longer sprint intervals will increase the time spent on the project. Focus on doing the task at hand in shorter sprints. 

3. 

Fixed 

S

cope

 

Here, the customer is very rich with the set of deliverables that he wants. However, she can be lenient with the time and cost constraints, but he wants what he wants from the project. 

For this, ensure that you are speaking to the scope of the project and allow no deflections in this parameter. Stick to the project’s scope, even if you have to be flexible with the time and cost for the same. 

4. 

Fixed 

C

ost and 

S

cope

 

In this case, the customer wants a price quote in a particular scope. It means the customer wants the work to be done within a particular budget and that has to strictly fulfill the scope. However, time flexibility is allowed. 

You can increase your spirits and estimate risks that will stop you from affecting the deflections in cost. If there are any unexpected delays in the project that may be allowed, but there is no extension in cost. Update the delivery dates, accordingly. 

5. 

Fixed 

T

ime and 

S

cope

 

Here, the customer wants a certain feature to be achieved which is the scope of the project within a stipulated period. the total cost parameter is flexible but deflections in the scope and time are not allowed. Pre-decide the sprints before starting the project so that the time is maintained.  

You can also schedule extra sprints if needed in the project because the customer is flexible with cost. If the completion of the project in time requires increasing your team, you can do that as per the requirement of fulfilling the scope within the time. 

6. 

Fixed 

T

ime and 

C

ost

 

Here, a customer wants the work done within a fixed time, and the budget allocation is also fixed. Deflections are only allowed in the scope of the project. That means the project’s features can be tweaked a bit, but not the cost and time. 

Calculate the cost as per the sprints that are required for the project. In this manner cost per sprint can be shown in the price quote. 

7. 

Fixed 

C

ost, 

T

ime, and 

S

cope

 

Here, everything is pre-decided by the customer. No changes in any of the parameters are encouraged. No flexibility is allowed in this type of project. 

You may cancel the project as it offers no agility at all. Such projects should be deed using waterfall technology. The most commonly used technique of such a kind is PRINCE2. Even such a technology cannot guarantee success with no flexibility.  

You may better understand iron project management strategies by learning PRINCE2 Foundation and Practitioner training course by KnowledgeHut. It will give you useful insights that are essential for managing a project. 

Top Cities where Knowledgehut Conduct Project Management Certification Training Course Online

Variations of Iron Triangle

The iron triangle model has certain variations to it. As a project manager, you must select the best version suitable for a particular project. 

Source

According to this variation, qualities are placed in the center, which draws a clear difference between the scope and quality of the project. Any changes to any parameters will affect the quality of the project because it is placed in the center.

People are a very integral part of any project. Without people, a project cannot stand. Even if there is a proper organizational structure and plans, without people, everything is meaningless. Kliem and Ludin expressed the theory of ‘the four variables of a project as it places people in the center. 

This version is defined by Lock. It is a combined version of both Kliem-Ludin’s and Barne’s models. This version also places people in the center, but specifications replace the quality. Here, quality is rigid and non-negotiable, whereas specification is highly important because it is negotiable.

 

Iron Triangle and Agile Methods

The understanding of the iron triangle and agile methods are built on certain definitions that can be explained as follows: 

1. Traditional Iron Triangle

The traditional iron triangle is the oldest and original model that defines three major constraints in project management: time, cost, and scope. This concept of the traditional iron triangle was first introduced in 1969 by Dr. Martin Barnes. 

He defines that all these factors are dependent and interrelated to one another. If one factor does not exist, the whole project will fall. These three chief constraints are the pillars of project management. According to this model, the scope of the project remains constant, and the other factors revolve around it. 

2. Agile Iron Triangle

The agile project management triangle can be considered math because the project’s nature is rigid and not flexible. It is only the version of the iron triangle project management for the agile teams. This works by tweaking around the triangle and making minor changes to it.

Customer involvement is greater in this type of project, and therefore the scope of the project can be changed. However, the cost and time factor remains fixed and in accordance with the agile iteration.

3. Agile Triangle

Jim Highsmith modified the parameters of the agile triangle to make it ideal for agile projects. He provided three factors that are value, constraints, and quantity. The three major constraints are combined, and two other agile pillars are added. Quality check is ensured throughout the process, and customers’ perspectives are also valued. This model is also known as the software development triangle. 

All these models have their areas in which they work best. Project managers select and implement these methods depending on the type and features of the project. 

Success With Projects Using the Iron Triangle Method (Benefits and Examples)

The success of using the iron triangle in project management is that it results in quality improvements. The project manager should be aware of the relationship between the various constraints. The outcome of the project is of prime importance, and quality cannot be compromised. But what will make a project successful? 

Better management and quality improvements are what make a project successful. Abiding by the project’s needs, delivering the project on time within the stipulated budget, and keeping in view the project’s scope is what collectively define the quality of the same. That’s where the success of the project lies.

For example, you can complete a project more efficiently if the scope of the project is cut short or if the budget is increased. If you want to increase the scope, similarly, an increase in the budget and time of the project is also required. If you cut the budget short without flooring the scope and time of the project, then the quality output will not be produced. Thus, the iron triangle project management is explained. 

Conclusion

The Iron Triangle of Project is a simple rather than complex concept. It can be applied to any project and is made up of three sides (Scope. Schedule, and Cost) each side represents critical constraints to deliver a successful project. The Iron Triangle shows the interrelatedness between the three factors and how any change to one of the factors will have an impact on the others. 

Go for KnowledgeHut best Project Management training to learn and understand everything about Iron triangle project management. It is a much-in-demand concept for project managers, and you will benefit by gaining knowledge of the same. 

Frequently Asked Questions

(FAQs)

 

1. How does understanding constraints help businesses?

By understanding constraints in businesses, a company can get a grip on the business obstacles to acquire better quality outputs.

2. What are project constraints?

Constraints are the limitations that define a project. Three major types of project constraints are time, scope, and cost. 

3. Why does the Iron Triangle go well with most project management frameworks?

The iron triangle is compatible with most projects because it gives information to make barter in a project that will eventually help the company grow.