Agile Project Management

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  • What Is Project Management?
  • Project Management Knowledge Areas?
  • The Project Life Cycle?
  • The Triple Constraint of Project Management?
  • The Project Management Phases (How to Manage a Project Step by Step)?
  • Project Management Methodologies?
  • Project Management Tools?
  • Project Management Templates?
  • Project Management Software?
  • Project Management Certifications

The Triple Constraint of Project Management

The triple constraint, also known as the project management triangle, or iron triangle, refers to the boundaries of time, scope and cost that apply to every project. Here’s how it works.

  1. Time:
    Project managers must estimate the time required to complete a project. To do so, they use project scheduling tools such as PERT charts or the critical path method. This must be done during the initiation and planning phases of the project life cycle to develop a schedule covering the duration of all the activities.
  2. Project Scope:
    The scope refers to all the work necessary to complete a project. It must be identified during the planning stage by using a work breakdown structure. If the scope is not defined in the project plan, it can cause the project to fail, which is known as scope creep.
  3. Cost:
    There are many costs associated with a project. Project managers are responsible for estimating, budgeting and controlling costs by using project accounting methods and cost tracking tools so the project can be completed within the approved budget Project managers balance these three constraints making tradeoffs between them. For example, you can increase the number of activities in your project scope, but this means there will be less time and costs will be higher for each project task, reducing profitability.Now that we’ve covered the most essential project management concepts, it’s time to take a look at the tools and techniques that project managers can use to plan, monitor and control.