The triple constraint Theory may sound a little bit complex but I'm letting you know it really
isn't and in this video I'm going to share with you all about project management triple
constraints so that you can be awesome at your projects and as a side note I got some really
good news for you I have something for you at the end of this video if you wait to the end I'm going
to give you a checklist a way to get a checklist that has some amazing things that if you're here
for triple constraint you're definitely going to want this as well hi if you're new here welcome
my name is Adriana Girdler and you have landed on the best project management Channel out there that
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on that note if you're interested about project management triple constraints let's get to it
understanding the triple constraint Theory this is also known as a project management triangle
so the constraint or the triangle is really based on Three core elements scope time and budget and
they're all dependent upon each other you can't change one without having impact to the other one
so if you take a look at your time and it is the constraint and you want to make some shifts then
you're going to have to take a look at budget and scope in order to help ensure that your
time stays at a constraint so let's go into it a little bit deeper so we can understand each one
scope scope is exactly what your project is going to be doing it encompasses all the activity that
you've agreed upon through a scope statement that here's what our project is all about and
here are the things that are in scope and here are the things that are out of scope because it
becomes very clear for you and your team and your stakeholders and your customers people
you're delivering to that everyone is aligned on the same page this becomes really important
because it's so easy to have scope creep and if you have scope creep that means you're changing up
scope which is going to have impact on your triple constraints so it's all tied in so scope is really
what your project is going to be doing what's in and out and that everyone is on the same page
time well this seems pretty straightforward it's how long your project is going to take
it's a duration of your project for by the way all those scope items that we just said that's
in and out how long is it going to take for you to complete your project from a timing perspective so
your duration understanding dependencies understanding how everything is working
together from an overarching perspective if you're going to be looking at it from high and Milestones
even to when the more detailed maybe you have something that's going to be executed and you
want to get into the weeds your time becomes very important because you have with your scope at an
expectation that you're going to be delivering at a certain time so you know now when you start off
your project exactly what it is that you have to deliver through scope and your time how long you
have to do it so this becomes really important now these two are really becoming close together
so if your time is thrown off then your scope may get thrown off and vice versa if your scope gets
thrown off for whatever reason attitude deleted it does have impact on your time alright if you're
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YouTube we're doing a good job budget all right this is now how much is it going to cost for you
to execute on the scope of your project within the timeline that you have set aside for it so
budgets can be very simple like direct cost and direct costs so some of those direct costs may be
if you're installing a packaging line let's say the direct cost is going to be the cost of the
equipment that you're purchasing some indirect costs maybe you have to you have a new uh place
where you're installing the equipment and it's leased land those indirect costs is the lease
that you're going to be renewing on a yearly basis it's indirect it's not something that the project
has to do but it's going to indirectly impact the cost of the project and you have to consider those
things so budget now becomes important because if your scope changes or your time changes then
you may have to look to budget in order to help shift those priorities and ensure that you can
deliver on what you're supposed to deliver depending on the constraint that you chose
how do you manage triple constraints this becomes really important and I can't stress enough that
this is something you do at the beginning of your project because you want to lock this down and
get a very clear understanding as to what those constraints are between time scope and budget
now one of the techniques or templates that you can use something that I have in my slave course
is a priority Matrix this is critical because a priority Matrix basically says of your scope
time and budget which one is a constraint that is immovable which one is it that you're going
to optimize it ideally you don't want to move but if you have to you will and the third and
last is acceptance if you have to move it to keep your constraint a constraint then you're going to
accept to use this particular scope timer budget however you chose to be that one that you're going
to be able to work with this becomes important and you want approval at the beginning of your
project because as you move forward and things unfold and things happen and you're going to have
risks that unfold you do not want to be deciding at that point in time what your constraints are
do that at the beginning and it's going to guide you to make decisions and really help you with the
ease of managing through difficult terrain when your project hits those bumpy places in the road
and if you're looking for more information on how exactly to create a priority Matrix well
then just tune into next week's video because I have a video just on that
now that you know all about project management triple constraints you now need to but know about
this six things to keep your project successful and make sure that they stay really aligned to
everything that you put together guess what free for you get it link under this
video I'm telling you it's a no-brainer on that note I'll see you in the next video bye