To carry out a project, it is necessary to define and manage the scope, cost and estimated time. These three pillars are part of the iron triangle model, a term widely known and applied in project management.
Developing a project requires making many decisions that are significant for its success. It is necessary to balance some elements that are basic to achieving the highest possible quality, while considering the details that were established in the planning, staying within the budget and the estimated time frame. Therefore, the scope, cost and time of the project must be taken into account.
Pillars of project management
First, it is necessary to explain that in order to maintain a high-quality final product or service, it is necessary to balance the three basic pillars of project management , which, as previously anticipated, are scope, cost and time . These essential variables are part of the iron triangle or project management triangle .
The term was coined by British civil engineer Martin Barnes in 1969, and according to this model, there must be a balance between the three variables during the completion of a project. Considering the cascading management perspective, if one of the pillars is modified, the other two must be changed so that the triangle remains connected .
Thus, the pillars must be aligned and work in a coordinated manner to meet the objectives set. With this in mind, it is necessary to define each of these components of the iron triangle:
Scope
This is the main pillar, as it involves the definition of all the tasks and procedures to be carried out, with the limits being clearly defined and determined. It is the size of the project, taking into account the quality, detail and magnitude of the results. A variation in the scope, whether greater or lesser, will directly affect the other factors. If this magnitude is extended, more time and more money will be required.
Cost
This variable directly affects the scope of the project. Considering costs does not only mean having amounts of money, but also involves all the tools, materials, equipment, human talent and any other resource that is necessary to carry out the work. By controlling the cost, it is possible to force compliance with the deadline or make cuts in various areas to develop the project.
Time
Defining the deadlines within which tasks must be completed is essential to achieve the established scope with the approved resources. In some cases, it will be necessary to cpa email database modify the time, which may extend or shorten the schedule. The administrator must establish a start date and an end date for the closing of the activities. Then, the moment in which the results will be presented to the client must be established.
Learn about the importance and benefits of project management
Why are pillars important?
Managing the scope involves carrying out the processes that ensure the successful completion of the project. This is complemented by the time established in the calendar. Cost, on the other hand, allows managing the budget and approved resources. All these areas have an impact on the satisfaction of the client's needs, through quality management, which is the main point.
It is therefore important to ensure and manage the balance between the pillars. In this way, the following scenarios can be considered to take into account their effects:
Developing a project very quickly and with little money is associated with poor quality.
Completing a project with very high quality may require an increase in time and costs.
Developing a project with more elements or magnitude than initially defined will increase the cost and time.
Finally, not having the necessary resources available can also be decisive in the success of the project.
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If any one of the project pillars changes, everything else is affected. When project managers are clear about what compliance with the iron triangle entails, they can think of possible solutions in advance to have a better impact, when they have indications or suspect that scope, cost and time could be altered.
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With the Bachelor of Business Administration with a concentration in Project Management , participants can study online to develop the fundamental skills employers seek for project management. As a PMI- registered education provider , Southern New Hampshire University provides the solid foundation for the development of the so-called "project economy."
As an integral part of this trend, project managers coordinate schedules, estimate costs, create budgets, analyze risks, and report on progress. To do so, graduates of this SNHU Bachelor's degree need to learn how to manage resources and people at each phase of the project.