Triple Constraint Theory may appear to be complicated, but it is actually quite simple. If you’ve ever managed a project of any kind, you’re probably already familiar with the triple constraint theory. Let us break down the process and the significance of this theory.
What is the meaning of Triple Constraint in Project Management?
This means that you are always referring to the three constraints of the project for which you are responsible: scope, budget or cost, and time. Any change in one of the factors will have an immediate effect on the other two.
Consider the following example. If there are unexpected changes in the project and your client wants the deliverables sooner, the processes will be impacted. You will need to scale up, possibly charge more, and meet the new deadlines. To put it simply, triple constraint theory is all about trade-offs.
It is your responsibility as a project manager to strike a balance between these three constraints and ensure that everyone’s expectations are met in order to create a successful project.
What Is the Triple Constraint and Why Is It Important? Explanation of the Triple Constraint
Because every project is made up of these three components, the triple constraint is also known as the ‘Project Management Triangle.’ The three legs of the triangle are scope, cost, and time, and they together determine the quality of the finished deliverables.
The main advantage of applying the Triple Constraint Theory during project execution is that the team will be aware of the boundaries within which they must operate. Even if conditions or requirements change, as they inevitably will, the team will work to adapt to these changes and deliver the best results possible within the constraints. This means they are prepared to deal with any type of impediment that may arise without jeopardizing performance.
Let’s get into the specifics of the Triple Constraints. While the overview appears to be simple, there is a lot of information to consider once you get into the details. Let’s get started!
Scope
The scope of a project defines the requirements from start to finish. The scope is essentially what you agree on with the client prior to starting work on the project. If the scope of the project changes during the process, it will invariably affect the cost and timeliness of the project. It is recommended that the scope of the project remain the same throughout the project in order to maintain the best quality with the quickest turnaround.
During the planning stage of a project, the scope is typically culled out in a document. This will allow project managers to lay out all of the project’s requirements and goals. Following this process ensures that everyone involved in this project is aware of their expectations and understands how to carry them out. It also aids in the prevention of scope creep, which occurs when requirements change over time.
Scope creep is the process of adding extra features or tasks to a project that was not originally agreed upon – and it can be detrimental to all aspects of the project. Scope creep can sneak up on you quickly if you let it. Before you know it, “one small addition” can completely transform a project into an entirely new requirement.
As a result, it is critical for project managers to take the initiative and define the project features before beginning work, freezing them in a document that outlines the goals and requirements. This way, the team, and the client have a clear understanding, and expectations on both sides can be easily managed.
Time
The timeline is the second factor that contributes to the successful completion of a project. Depending on the requirement, you must consider how long it will take to complete the project in accordance with the client’s expectations. When considering timelines or laying out project schedules, you must consider all of the client’s requirements (scope of the project), brainstorm with the responsible POCs involved in the project, and come to a conclusion as to how long it will take.
When calculating timelines, keep in mind that it may be more expensive to rush through a project and finish it quickly than to have a longer project with a longer timeline. When quality suffers as a result of time constraints, client expectations may not be met, and rework may be required, resulting in time schedule overruns.
When evaluating the project, similar possible scenarios must be considered. It is important to note that other aspects of the project must be considered, and it is not just about the amount of time the project takes. Research and meetings with clients and stakeholders are time-consuming activities in and of themselves. As a result, considering time beyond task hours is critical. The more accurately and realistically you and your team measure time, the better, because these timelines determine the course of the project.
Effective time management is critical for a smooth project development process. Here are a few steps to get you started:
Produce a project overview.
List all of the different activities that are involved. Define all of the activities as well as the priorities.
Determine the approximate time required for each activity.
Create a detailed schedule based on the projects’ timelines.
Manage and update the schedule as needed to ensure that the project runs smoothly.
Keep track of the latest developments and progress.
Cost
The estimated timelines and resources will serve as the foundation for calculating the project cost. The cost is essentially the budget you will present to your client, detailing your charges for completing the project. A project’s costing must accurately depict the process and the personnel involved in order for the project to be successful. It should include the number of hours you will need to complete the task as well as the time required for meetings and research. In addition, your budget should account for the time it takes each team member to complete their task, as well as the cost of the materials and equipment required.
When it comes to budget planning, it is critical to maintaining honesty and openness with the client. Ascertain that the client is aware of everything for which they are being charged. It is also critical to be open about tasks and processes that may not have been budgeted for. This section will include any additional materials that are required, as well as any changes in the scope and costs that may occur.
Remember that when it comes to costs, it is critical to communicate early and frequently. Nobody likes being surprised by large bills.
Here are some methods for accurately calculating the cost of your next project:
Estimate the costs using data from previous similar projects.
Calculate the cost of your resources.
Use multiple parameters and analyze data from previous and ongoing projects by measuring old and new data.
Estimate the cost backward by tracking the lowest to the highest budget spent on previous projects.
Speak with your vendors and estimate their costs.
Include the costs of quality analysis.
Make space for your profits. After all, one’s efforts should not go unnoticed.
How Do You Apply The Triple Constraint? How a Better Understanding of the Triple Constraint Can Help You Manage Better
In theory, triple constraint theory sounds simple and intriguing, but how would you put it into practice? Let’s take a look at some simple ways to incorporate this understanding into your teams in order to put this theory into action!
Inform Your Team of the Scope
Always ensure that everyone involved in your project understands all of the steps and requirements. Failure to communicate trivial details to the team can lead to assumptions, which can lead to errors, failed deliverables, or scope creep.
Establish Appropriate Deadlines
Setting small goals and deadlines will help your team function smoothly and give them a sense of accomplishment as they cross off each of their goals, whether the project is short term or long-term. Keep track of these deadlines and goals to keep track of progress and calculate the planned time vs. actual time taken to complete the task. This will not only provide clarity about progress, but will also aid in accountability.
Keep an eye on your expenses.
Every project manager understands how easy it is to go over budget. Always keep track of how much time you spend on a project because time equals money in any project. If the actual time exceeds the planned time, it could cost you a lot of money.
Monitoring these costs and timelines can help to prevent budget overflows from becoming irreversible.
Conclusion
The Triple Constraint is a simple framework that will assist project managers in avoiding risks, errors, and poor decisions while also assisting the team in skillfully achieving their goals.
To be an effective project manager, you must be skilled at balancing timelines, costs, scope, your client’s expectations, and the happiness of your team.
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