Triangle project management (sometimes Magic Triangle project management) is an expression of the three basic parameters by which success of the project is measured, therefore:
- time (be on time, keep schedule and milestones)
- project budget (not to exceed project budget)
- project outputs (project outputs and outcomes quality)
What is the project management triangle in practice?
Managing projects brings in practice usually various complications and it also relates to those best planned. In practice, then breach occurs in one of those parameters. The most commonly occurring is a project schedule delay (time), the cost overruns (project budget), is sometimes in an effort to adhere these two quality deteriorates project outcomes. Each of these situations is bad for the customer: late-supplied result of the project, although it is good quality and original price can cause the same problems as poor quality output despite the fact that it is delivered on time.
Managing the magical triangle balanced is thus the biggest fine art of project managers. There is no clear-cut rule to achieve this. Project managers need an experience and they have to correct the situation on the project on time and prevent situations that deteriorating the schedule, the project budget or the quality.
Managementmania note: Magic Triangle is actually a simple application of the principles of balanced objectives that promotes Balanced Scorecard.