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Latest in Project Management
By Pooja T.
As there is a saying, if a company is not moving its business it means that the business is going to die soon. A successful company is based on the number of successful projects executed by it which make the company stand out in this cut throat competitive market.
Almost every project needs to be performed and delivered under certain constraints. These constraints are known as Project Management Triangle as well as Iron Triangle or Triple Constraints. As a good project manager, it is very important to know that the challenge of every project is to make it work and be successful within the triple constraints; the triple constraints being scope, cost and time.
These three elements of a project need to work in tandem with one another. It is only when the project manager understands and effectively balances these three elements that guarantee the successful planning, resourcing and execution of a project.
If one of the triple constraints is changed or modified, it will affect other two constraints. Also, it needs to be considered that any change in the triple constraints will have an impact on the quality of the product. Therefore, whenever there is a change in the project, which may affect the triple constraints, the project manager needs to make sure that the change is acceptable to the stakeholders.
An effective way to demonstrate this concept is to ask the stakeholder, “I have three cards in my deck; Better, Faster, and Cheaper and you can pick only two. Which one would you like to go for?
Follow the blog to know if AGILE, one of the big BUZZWORDS of the IT development industry, can conquer the physics of the “TRIPLE CONSTRAINTS”.
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