In my previous post, I talked about why a study of project management is essential to entrepreneurs. A basic study of project management practices enable entrepreneurs in setting goals and working towards them in a methodological way. Project management is a vast subject, but it is very logical too. In this post, I will talk about the triple constraint of the project management which every entrepreneur should know about.Triple constraint for Project Management
There are three dimensions to triple constraints
Let us say it like this . You will incur a cost to complete a project with given scope in specified amount of time. That means you cannot modify two sides of triangle without affecting the third.
You can change cost and time and have an impact on the scope of the project . Conversely, increasing the scope of the project for e.g. to include more features in the end product, leads to substantial increase in time and cost. Another example could be early launches by reducing the time and reducing cost which would in turn reduce the scope of the project.
Although it is very simple to understand this concept, it has strong implication on a venture by entrepreneur. Many time the cost and time to launch is a big factor. In that case, the scope has to be readjusted to make sure that overall quality of project is not affected. Also because these elements are constrained by each other, it is possible to make adjustment to achieve a good quality for your project.