By Nick Hutchinson
The triangle of service is said to be: good, fast, cheap — select two, and choose carefully because you can never have all three.
These three options translate to time, cost and scope. If a client opts for lowest price and the work completed quick, then the quality will be low. If they choose for a large amount of work (scope) and work completed quick, then the cost will be high.
Favouring two out of the three choices always leads to a sacrifice in the third option.
Personally, sacrificing scope even in the everyday is never ideal – I need my mechanic and hairdresser to do a good and complette job – a safe car and a good haircut go a long way. As a result, I am happy to wait until the work can be done well, but there are times when it will benefit me greatly to pay extra to have work done out of hours if time is a limiting factor.
Time, cost and scope are at the core of project management. They are called the Triple Constraints. The triple constraints are the three critical elements of any project that must be balanced to ensure its successful completion. Understanding the interplay between these three elements is necessary for project managers as they work to ensure projects are completed on time, within budget, and with the desired quality outcomes.
Depending on how each constraint is managed, it will impact the other two constraints. For example, if the project has some unforeseen delays (Time), but still needs to be finished within a certain timeframe, it may result in an increased demand on resources (Cost), or a sacrifice to the project outcomes (Scope). Alternatively, if there are cost increases in resourcing/materials/labour, then the quality of the project may be sacrificed in order to stay within budget or the time extended to allow for resource budgeting.
A mid project review can also be valuable to assist in managing the triple constraints. Read more on my thoughts on these in my article Project Review & Navigation.
When undertaking the risk assessment process during project planning, it is important to identify how the various risks will impact each of the triple constraints. Doing so can help you avoid difficulties during the project implementation phase.
These elements factor into any project and must be carefully balanced to ensure its success. Project managers must be able to prioritize and manage the trade-offs between them to ensure that their projects are completed on time, within budget, and with the desired project outcomes.
Hutchinson Resources can assist you in managing project risk and the relationship of time, cost and scope for corporate projects.
Call us today for more information.
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