The iron triangle as an analytical tool
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== The Iron Triangle and its most relevant variations == | == The Iron Triangle and its most relevant variations == | ||
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| + | {| class="wikitable" | ||
| + | |- style="font-weight:bold;" | ||
| + | ! style="width: 4%"| | ||
| + | ! style="width: 50%"| Characteristics | ||
| + | ! style="width: 20%"| Help Questions | ||
| + | ! style="width: 38%"| Example | ||
| + | |- | ||
| + | | style="text-align:center; font-weight:bold;" | S - <br />Specific | ||
| + | | The project goal must be clear and well-defined; otherwise, will it not be specific what the goal is. It should be specified what the goal seeks to achieve in specific terms. If the goal is not specific, then the chance of potential misinterpretation is increased, and everyone may not be pursuing the right goal. Answering the five W questions can help develop it. | ||
| + | | | ||
| + | * What do I want to accomplish? <br /> | ||
| + | * Which resources or limits are involved? <br /> | ||
| + | * Why is this goal important?<br /> | ||
| + | * Where is it located?<br /> | ||
| + | * Who is involved? | ||
| + | | If the project aims to add a new product to the product portfolio, it is important to be specific and think about which product group, which functions it has, what colour should it be in, and so on. | ||
| + | |- | ||
| + | | style="text-align:center; font-weight:bold;" | M - <br />Measurable | ||
| + | | The goal must be measurable. It must be stated how project progress can be measured and which metrics are used to measure the project's progress. Therefore, a quantitative measure of the project goal is needed, which offers a tangible measure for tracking the project. It will ease monitoring the project and help keep the project team focused and motivated. Measurable goals can be developed by addressing the following questions. | ||
| + | | | ||
| + | * How will I know when it is accomplished? <br /> | ||
| + | * How many? <br /> | ||
| + | * How much? | ||
| + | | To extend the previous example, it is needed to understand how adding a new product will be measured. If the aim is to have the product by next year, what are you then going to do every month to achieve the goal, like getting more details on the new product by prototype X number per month or start the campaign by producing Y number of adds per month. | ||
| + | |- | ||
| + | | style="text-align:center; font-weight:bold;" | A - <br />Attainable | ||
| + | | Impossible goals can produce frustrations; therefore, the goal must be realistic and attainable. Even though the goal should be attainable, it cannot be trivial; if a goal is trivial, it can negatively affect the team's motivation. To obtain an attainable goal, the project manager can address the following questions, examine the feasibility and available resources, and involve the project team by letting them choose their project contribution based on their capabilities. | ||
| + | | | ||
| + | * How can I accomplish this goal? <br /> | ||
| + | * How realistic is the goal based on internal and external constraints? | ||
| + | | It is necessary to understand whether adding a new product is achievable, within the financial reach, and required. | ||
| + | |} | ||
Test <ref name="CHANGE">Pollack, J., Helm, J. and Adler, D. (2018), "What is the Iron Triangle, and how has it changed?", International Journal of Managing Projects in Business, Vol. 11 No. 2, pp. 527-547.''</ref> | Test <ref name="CHANGE">Pollack, J., Helm, J. and Adler, D. (2018), "What is the Iron Triangle, and how has it changed?", International Journal of Managing Projects in Business, Vol. 11 No. 2, pp. 527-547.''</ref> | ||
Revision as of 11:04, 21 February 2021
Contents |
Abstract
This article aims to present the Iron Triangle (also known as Project Management Triangle, Project Triangle, and Triple Constraint Triangle) with a focus on Project Management through the perspective of Purpose. The Iron Triangle is an analytical tool based on the essential triple constraints of project management; Time, Cost, and Scope/Quality. While scope and quality cannot be directly interchangeable with each other, the choice of constraint definition varies through literature, whereas the PMI standards most often use Scope, and the British standards, Quality. This article is initially going to refer to the triple constraints including Scope, as PMI’s Project Management Body of Knowledge, a key reference of this article, uses this standard.
Regarding the application of the tool, PMI’s Project Management Body of Knowledge courses of action regarding the management of the triple constraints will firstly be briefly introduced. Then, various practical and strategic approaches to the application of the triple constraints will be presented. Here, the perspective of the Four Levels of Management (Managing Successful Projects with PRINCE2) will be included to illuminate how the Iron Triangle should not only be considered from a management perspective but also a delivering perspective. Lastly, it will be discussed how the Iron Triangle can be leveraged from representing a set of pre-defined specifications (classic view of projects) to an analytical tool focusing on value creation (state of the art view of projects) based on relevant success criteria. Here the methodology of conformance (value protection) vs. performance (value creation) will also be included.
Through above-presented observations, various limitations of the Iron Triangle will also inevitably emerge. These will be presented including varying takes on the Iron Triangle which could mitigate these limitations. Some of the limitations could be: The Iron Triangle does not include all constraints regarding project success. The perspective of which the constraints of the Iron Triangle are measured can have varying effects on the application of the tool. Also, even with the above-presented courses of action regarding the managing of constraints, the risk of unrealistic and uncertain measuring of the constraints could have critical consequences regarding the application of the tool.
The Iron Triangle and its most relevant variations
| Characteristics | Help Questions | Example | |
|---|---|---|---|
| S - Specific |
The project goal must be clear and well-defined; otherwise, will it not be specific what the goal is. It should be specified what the goal seeks to achieve in specific terms. If the goal is not specific, then the chance of potential misinterpretation is increased, and everyone may not be pursuing the right goal. Answering the five W questions can help develop it. |
|
If the project aims to add a new product to the product portfolio, it is important to be specific and think about which product group, which functions it has, what colour should it be in, and so on. |
| M - Measurable |
The goal must be measurable. It must be stated how project progress can be measured and which metrics are used to measure the project's progress. Therefore, a quantitative measure of the project goal is needed, which offers a tangible measure for tracking the project. It will ease monitoring the project and help keep the project team focused and motivated. Measurable goals can be developed by addressing the following questions. |
|
To extend the previous example, it is needed to understand how adding a new product will be measured. If the aim is to have the product by next year, what are you then going to do every month to achieve the goal, like getting more details on the new product by prototype X number per month or start the campaign by producing Y number of adds per month. |
| A - Attainable |
Impossible goals can produce frustrations; therefore, the goal must be realistic and attainable. Even though the goal should be attainable, it cannot be trivial; if a goal is trivial, it can negatively affect the team's motivation. To obtain an attainable goal, the project manager can address the following questions, examine the feasibility and available resources, and involve the project team by letting them choose their project contribution based on their capabilities. |
|
It is necessary to understand whether adding a new product is achievable, within the financial reach, and required. |
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Test [2]
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Test. [5]
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Test. [3]
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Application
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Limitations
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Annotated bibliography
Key references:
A guide to the Project Management Body of Knowledge (PMBOK guide), 6th Edition (2017)
Managing Successful Projects with PRINCE2, 6th Edition (2017)
Bibliography
- ↑ Pollack, J., Helm, J. and Adler, D. (2018), "What is the Iron Triangle, and how has it changed?", International Journal of Managing Projects in Business, Vol. 11 No. 2, pp. 527-547.
- ↑ AXELOS. Managing Successful Projects with PRINCE2 2017 Edition, The Stationery Office Ltd, 2017. pp. XXX. ProQuest Ebook Central, https://ebookcentral-proquest-com.proxy.findit.dtu.dk/lib/DTUDK/detail.action?docID=4863041.
- ↑ 3.0 3.1 Project Management Institute, Inc. (2017). Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th Edition) - 2. Initiating Process Group. Project Management Institute, Inc. (PMI). pp. XXX. Retrieved from https://app.knovel.com/hotlink/pdf/id:kt011DXQ4C/guide-project-management/initiating-process-group
- ↑ Wright, Andrew, and Therese Lawlor-Wright. “Project Success and Quality: Balancing the Iron Triangle.” Project Success and Quality: Balancing the Iron Triangle, Taylor and Francis, 2018, pp. 171–177. doi:10.4324/9781351213271.
- ↑ Roger Atkinson, Project management: cost, time and quality, two best guesses and a phenomenon, its time to accept other success criteria, International Journal of Project Management, Volume 17, Issue 6, 1999, Pages 337-342.
- ↑ Gabriella Cserháti, Lajos Szabó, The relationship between success criteria and success factors in organisational event projects, International Journal of Project Management, Volume 32, Issue 4, 2014, Pages 613-624. ISSN 0263-7863.
