Project Management Triple Constraint

Many of the activities associated with project management can have a domino effect on the organization, as well as other projects. The interaction between time, scope, and cost can be seen as a triangle, with all the sides impacting the others as the project manager tries to maintain equilibrium among all the aspects. This triangle is known as the triple constraint. The concept is used as a framework to evaluate competing demands on the project, and these "demands" will vary by organization and by project. The value of the paradigm is to show the effects competing demands can have on a project.

For example, if a project is requested to be completed in a shorter time period than originally agreed upon, quality will likely be sacrificed or the price may increase, or both. If there is a request for increased quality standards after the project has begun, the project will likely take more time to complete and the cost will likely increase as well.

If a price reduction is requested, the quality will likely be impacted, although it may take less time to complete the project. The PMBOK emphasizes that project managers must set realistic expectations with the stakeholders when they change the requirements of the project after the original scope has been determined and agreed upon.

Time and resources cost money. Because project management utilizes business process improvement in order to identify redundancy and increase efficiencies, the PMBOK sees project management as interactions between linked processes. These processes are directly influenced by project budgets and the willingness of an organization to expend human or capital resources. This integration of the processes is one of the fundamentals of project management. Because projects are composed of several or hundreds of processes, they can become complex quickly. PMI defines a process as "a series of actions bringing about a result."

PMI further divides these processes into two categories:

• Project management processes These involve all the activities that need to be done in order to finish a project.

• Product-oriented processes These involve a lifecycle that focuses on the creation of a specific product as the outcome of the project.