Know About Project Management Triangle And Why It Is So Important ?



Any project management team has to work within certain constraints to complete a project. Basically the project management traingle constraints of scope, time and cost that are explained here. These terms is often used in reference with the concept of ‘Project Management Traingle’ that depicts the project is delivered on time, as per specification (Scope), and under the budget assigned to it.

The explanation of how a project gets affected by the constraints of scope, time and cost is presented below:

Scope: The expected outcome of the project is defined or described as scope. This term refers to the requirements that are specified in order to attain the expected outcomes. A team is responsible for delivering the outcome specified under the scope of the project.

Time: Time constraint is simply described as the time allotted to complete a project. Resources, skills, and experience are the factors which influence the time needed to complete a given project.
This term plays an important role to complete the project. In order to meet deadlines, the manager may have to put in more resources than estimated, on the project.

Cost: A project is constrained by a certain predetermined cost. It needs to be implemented under this predetermined cost. The cost is determined on the basis of resources needed and labor rates. In the process of budgeting, a cost baseline for the project is established; the work packages needed for completing of the project, and cost of resources are budgeted.

Today, quality is the onlyfactor which affects most projects. Project management has emerged as a crucial factor that determines the success of an organization. It forms the framework of planning, control and analysis of the objectives of a firm. It is an essential segment in every organization. Be it the small scale enterprises or corporate giants, project management has the power to transform the market standing of a company and help it soar high in the sky.