Iron triangle
Summary: The Iron Triangle for Project Management also called The Magic Triangle, or The Project Triangle is a tool illustrating the three ground pillars when carrying out a project; Cost, Time and Quality. When aiming for a successful project it would be optimal if there were no restrictions to especially the period and economical aspect, to deliver the highest quality when ending the project. However, all projects operate within constraints set to fulfill the overall given task. The Iron Triangle demonstrates the independence of the ground pillars, as they are independent resources with a pin-point approximation of the focus of the project. When adjusting one of the of the pillars it will affect the other two. If the time is short, the budget raise and can result in an unsuccessful project with an undesirable quality. The triangle is an overall simple model to positioning the project between different variables all important to consider when aiming for a good final result. However, many projects do not success within the constraints set for time, budget and quality, and often the limits are exceeded [1]. All projects are unique and complex and must be managed individual [2]. Thus, the model has limitations as a project’s success cannot be managed by only three boundaries, but the Iron Triangle can be used as guideline concerning project management [3] .
This article will present the definition of the three ground pillars, their independence and the application of the model in project management. As a conclusion on the article, the limitations and criticism of the model will be presented.
Contents |
The Iron Triangle’s three pillars
Independence of the three pillars
Cost
Time
Quality
Application
The Iron Triangle is used for project management, when a project has a defined start and end. Project Management is utilising a gathering of models, tools and techniques to move a unique project forward within the variables time, cost and quality [3] .
Limitations
Thus, the Iron Triangle is an incomplete model [3] , as there are many factors affecting and controlling a project. The success of a project cannot be controlled by three factors but must contain aspects of e.g. benefits for the customer and end-user [2].
Annotated bibliography
Provide key references (3-10), where a reader can find additional information on the subject. The article MUST make appropriate references to the and reference material provided in class – either incorporating it as a source, or critically discussing aspects that are missing from it but covered by this article. Summarize and outline the relevance of each reference to the topic (around 100 words per reference). The bibliography is not counted in the suggested 3000 word target length of the article. [1] [2] [3]
References
- ↑ 1.0 1.1 Flybjerg, B. (2011): Over Budget, Over Time, Over and Over Again, From Peter W. G., Morris, Jeffery K. Pinto, and Jones Söderlund (2011): The Oxford Handbook of Project Management (Oxford University Press.), pp. 321-344/
- ↑ 2.0 2.1 2.2 P.M.I. (2017): A Guide to the Project Management Body of Knowledge, 6th edition, Project Management Institute
- ↑ 3.0 3.1 3.2 3.3 Atkinson, R. (1999): Project management: cost, time and quality, two best guesses and a phenomenon, its time to accept other success criteria, International Journal of Project Management, DOI:10.1016/S0263-7863(98)00069-6
