Intended audience: Project Managers, Program Managers, Product Managers and Technology/Business Leaders

The triple constraints, also known as the project management triangle, comprise scope, cost, and time/schedule. Here are the three key points for your consideration:

Scope. Scope defines the project’s objectives, deliverables, and requirements. It outlines what needs to be accomplished and sets boundaries for the project’s work. Balancing scope involves ensuring that the project fulfills the intended goals while being mindful of time and cost limitations.

Cost. Cost refers to the financial resources required to complete the project. It includes expenses related to labor, materials, equipment, and any other relevant expenditures. Managing costs involves staying within the project’s budget while ensuring quality and meeting objectives.

Time/Schedule. Time/Schedule represents the project’s duration or deadline. It emphasizes the importance of completing tasks and delivering the final product within the allocated timeframe. Changes to the project’s timeline may affect other constraints, necessitating careful management.

Changing one element of the triple constraint can have a cascading effect on the other elements. For example, if you alter the scope by adding new features, it may require more time to complete the project, thus impacting the timeline. This could result in increased costs due to additional resources or extended development time. Conversely, if you compress the timeline, it may require additional resources or compromise the scope. Adjusting any one constraint requires careful evaluation and management to ensure the project’s success while considering the interdependencies and trade-offs among the elements.

TL;DR: The triple constraints encompass scope, cost, and time/schedule. Successful project management requires careful consideration and balancing of these three factors to achieve project goals efficiently and effectively.