Iron Triangle of Project Management

Achieving project success would be a simple task if projects had no constraints and they would all be good, fast, and cheap. Unfortunately, that is not the case as most projects must operate within some important boundaries concerning, scope, time, and cost. The interrelation of these components can make the difference between project success and failure and maintaining a balance between the three factors is therefore essential. The iron triangle is a model of these project elements and emphasizes that a change in one factor invariably affects the others. The theory helps project managers better understand the trade-off among these main constraints of project management. Even though the constraints of the iron triangle are a decent indicator regarding project management success, it is not necessarily the only marker of the overall project success. The project scope can be delivered on time and within budget but ultimately result in an unsuccessful project and vice versa. This page will describe the essence of the iron triangle, how project managers can apply the concept in practice, and the main limitations of the theory.

Big idea

Project management is the application of knowledge, skills, tools, and techniques to meet a projects’ requirements. Effective project management consequently helps organizations to increase chances of success and meet business objectives. Poorly managed projects, however, may result in missed deadlines, cost overruns, and poor quality projects.

Annotated bibliography

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