Lab Question 4

4) Describe the triple constraint. What are the three components and what is the relationship between them?

The Triple Constraint in Project Management, time, scope and cost, relationship is Quality. Every project has these 3 constraints: Scope goals: What work will be done? Time goals: How long should it take to complete? Cost goals: What should it cost? It is the project manager’s duty to balance these three competing goals that are relative. Time Management = Schedule Management. Scope is related to Time. The Project Scope is defined as activities and deliverables that are included in the project. Time is a function of scope. The Project Time is defined as the duration of all tasks that are in the project schedule starting with the project start date and ending with the completion date to understand the tasks that have to be performed and the correct sequence of those tasks (events) to achieve the project objective. Cost is related to Time. The Project Cost is the dollar figure it will cost to deliver the scope within the timeframe allotted. Cost is a function of time and scope. Time is related to Project Management. Time has a direct and measurable impact on cost. Managing time is the same as managing the schedule. We can take this to the bank, the relationship between scope, cost and time is real, QUALITY. The Project Manager is responsible for understanding the relationship between scope, cost and time and expect and plan for changes in one or all of the elements of the triple constraint.