Project Management Triangle

One of the biggest challenges for a project manager is to maintain the Triple Constraint- time, quality and cost. The project manager has to strike a balance between these three variables so that the resulting outcome of the project is commendable. Heldman (2002, p.49) explains that quality is usually considered to be the most important factor and the project manager has to make sure that the quality of the product or service is not compromised at any stage of the project. At the same time has to ensure that the required quality is achieved within the scheduled time and cost. Therefore the aim of the project manager is to ensure that the quality is achieved without the project being overrun or over-budget.

Heldman (2002, p.50) states that there usually exists conflicting interests of stakeholders in a project. An important role of the project manager is to manage the conflicting requirements of these stakeholders. Some of these variables may be compromised but only if the client is fully aware of it for e.g. a client may require the quality of the product to be very high and does not mind the extra cost that is incurred in getting that quality. In some cases, the on-time delivery of the product is very important to the client at the cost of accepting a moderate quality product. The project manager needs to make decisions about which variable needs to be given highest priority over the other variables and then execute the project plans accordingly.

In an organization, there can be two classifications in terms of responsibilities and the nature of work- operations and projects. There are some common characteristics of operations and projects which are. Heldman (2002, p.46) states that the differences among these two are that operations can be termed as the repetitive or routine work done in an organization. it is not anything new or innovative. Whereas, projects are said to be unique in nature which means that&nbsp.they have a certain degree of innovation, therefore planning and monitoring are considered more important.&nbsp.