No matter what project methodology is used to manage a project, they all have th

Question

No matter what project methodology is used to manage a project, they all have the same common goal: to deliver a product and/or service that meets the standards and expectations of the stakeholders. The Project Management Triangle (sometimes called the "triad of translation projects") is one technique for delivering a product. This model suggests that project management is constrained by the three corners of Cost (keep costs low), Quality (keep quality high) and Time (get it done quickly). A traditional idea (or an old joke) in project management suggests that you can achieve only two of the three. If you choose two corners, the third corner will suffer. For example, if you design something quickly and with high quality, it will be expensive. Do you agree with the idea that if you prioritize two corners of the Project Management Triangle, the third corner will always suffer. Why or why not?

Explanation / Answer

Triplets are –

Cost – Initial money required to develop/create a project.

Time – Total time needed for deliver a project. It act as deadline.

Quality – It specifies that the degree to which project meets the standard quality.

The idea that if you prioritize two corners of the Project Management Triangle, the third corner will always suffer is somewhat incorrect. It is true that every project manager wants to deliver their project with high quality a less costs this will make time corner suffers because at less cost workers availability also gets low and that leads to delay. For example : Ram is a project manager and he hired 10 computer engineers for a certain project if he wants to deliver high quality product within given time then there is need to provide efficient resources to the engineers this would make cost corner suffers. Ram needs to keep balance between 3 triples so the outcome is not compromised that can be achieved by maintaining certain quality at minimum amount of cost within specific period of time.

So, A successful project manager needs to maintain a balance between the triple constraints so that the quality of the project or outcome is not compromised.

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