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- The triple constraint theory may sound complicated,
but it's really pretty simple.
Let's start with a definition.
The triple constraint theory says that every project
operates within the boundaries of a scope, time, and cost.
A change in one factor will invariably affect the other two.
For example, if a client wants to add
a bunch of new features to the project's scope,
they'll have to budget more time and money to get it done.
Or if your boss slashes your budget,
you'll need to scale back the project requirements.
In other words, it's all about trade-offs.
As a project manager, it's your job to balance
these triple constraints and manage expectations
so everyone understands what it takes
to achieve project success.
The triple constraint theory is often referred to
as the project management triangle.
Each side or point of the triangle
represents the triple constraints of project management,
scope, time, and cost.
Let's dig a little deeper into each constraint.
Scope creep has a funny way of sneaking up on you.
Before you know it, just one more thing
has turned into a completely different project deliverable.
That's why it's important to define and document
project goals and requirements before work begins.
That way, everyone knows what done looks like,
and you have a project truth to refer back to
if the scope starts to creep.
Adding more features can stretch a project's
time and budget constraints.
You'll either need to extend the deadline
or assign more people to the work, increasing project costs.
Monitoring scope changes
enables you to discuss trade-offs early
and make necessary adjustments
before your project gets off course.
In project management, most people know
if you want a project done fast, it's gonna cost you,
especially if you're not willing to bend on the scope.
That's because a short deadline requires more resources
to get the work done on time.
A detailed scope document provides the perfect foundation
for understanding your project's time constraint,
because you can use it to build out a project estimate.
Be sure to bring your team into the discussion
and look beyond task hours.
The time you spend in meetings
or holding a stakeholder's hand
through the process counts, too.
The more accurate your estimate, the better.
After all, it's what you'll use to schedule work
and drive project decisions if tough choices need to be made
to meet the project deadline.
Estimating a project's time and effort
also forms the basis for your project budget.
Here are a few costs to consider
when formulating a project budget.
Resource costs, based on estimated hours
or story points in Agile.
Materials and equipment.
When it comes to budget constraints,
remember, it's best to communicate early and often.
No one likes being surprised by a big bill,
or the tense conversation that inevitably follows.
If an unexpected expense does pop up,
take time to explain how it will impact
the rest of your project,
and let your client decide whether it's worth it or not.
Your client isn't a project expert
and may not realize how much that shiny new feature
will cost them in the end.
Triple constraint theory is all well and good,
but how do you put
this project management framework into practice?
It's all about keeping your eye on the ball.
Here are a few ideas on how to use
the triple constraint theory to manage a project
using our favorite project management tool as an example.
Keeping the nitty-gritty scope details all to yourself
doesn't do anyone any favors.
Using TeamGantt's sticky note feature
to outline scope requirements on the task or project level
not only ensures your team has crystal clear direction,
it also empowers them to raise a flag
if they see the scope start to creep.
A Gantt chart makes it easy
to build and monitor your timeline
to make sure your project finishes on schedule.
Add milestones to highlight important dates and deliverables
and use baselines to compare your plan
versus actual timeline as your project progresses.
And if you want a quick snapshot of project delays,
TeamGantt's Project Health Report
shows you which tasks are falling behind
and which ones are already overdue.
Time is money in any project.
Paying attention to how the time spent
stacks up against your estimate
helps you keep project costs in check.
TeamGantt's hourly estimation and time-tracking tools
enable you to compare a tasks' actual
versus estimated hours,
and see how the time spent tracks
against the percentage complete.
That way, you can spot budget overages
before they become a problem.
If you want to win at project management,
you've got to be a pro at wrangling scope, time, and cost.
With TeamGantt, it's easy to balance project constraints
so everyone's happy with the outcome.
You'll have all the features you need
to ensure projects finish on time and under budget.
Best of all, it's all wrapped up in a simple,
intuitive interface anyone can navigate.
And that's it for this video
on triple constraint project management.
I hope you found it helpful.
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Thanks for watching.
I'll see you next time.
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