Project Management Iron Triangle
The iron triangle of project management which is popularly known as the Project Management Triangle is one of the new buzzwords that a Project Management Professional must familiarize with while managing projects. Unlike its name, the term project management triangle is a simple representation of three constraints that every project manager comes across irrespective of the project type. The three constraints represented in the triangle represent time, scope, and budget.
Strategies for Dealing with Project Challenges
The three constraints help in overcoming various challenges that are faced by a project manager while carrying out projects. Some of the major challenges are listed below.
Improper accountability:
the most crucial task for a project manager is to prepare a budget before carrying out a project. However, at times, a project manager may fail to record the expenses and resources consumed for specific activities.
Overpopulating the project team:
In various circumstances, a project manager is forced to introduce new personnel to the team. Costs involved in including such personnel must be tackled by ensuring that the team fully understands the scope of a project.
Unexpected delays:
While carrying out a project unexpected situation can cause delays in delivering the project. The factors can be external, internal, or general forcing a project manager to get back on schedule using any means necessary.
Unclear scope definition:
When the definition of the scope is not clearly defined, a project manager will encounter situations where resources become scarce. Proper breakdown of the project scope is very crucial for a project manager to curb the shortage of resources.
Changing requirement:
In the present era, it is common for a client to change the requirements of the project when half the project is complete. A project manager must incorporate these changes and make necessary changes in the tasks to be completed as early as possible to avoid going over budget.
These challenges can be overcome by using the project management triangle. Implementing the iron triangle while carrying out projects helps a project manager to define his constraints clearly before starting to work on a project. This helps professionals to restrict themselves from going overboard in using the three constraints of a project, thereby reducing the risks of increased costs, delay in delivering and over-usage of resources. According to PMI’s annual survey, various organizations have succeeded in completing their projects within the specified time, costs and resources. Please read in detail what are the project manager’s core values and key accountabilities.
How PMP Certification Training assists project managers?
Although there are various reasons to choose PMP certification training, it is evident that the training sessions help a project manager to gain in-depth understanding of various concepts of project management like the iron triangle. Below mentioned are the effective ways in which a PMP can overcome the challenges mentioned by enrolling for PMP prep course.
- Conducive learning atmosphere: A project manager undergoing PMP training is bound to acknowledge the basic understanding of project management along with newly evolved concepts in the industry.
- Practical knowledge: During training, an aspiring professional get to experience the real-time situations that a PMP might face while handling projects. In this case, a PMP might be introduced to situations where he/she encounters the three constraints of the PM Triangle.
- Trained by experts: Aspirants of PMP gain insights into the project management field as the trainers possess vast knowledge of the industry and are well-versed with techniques used in managing the three constraints.
- Real-life examples: On introducing the iron triangle during training, aspiring professionals are asked to analyze real-life examples and give their suggestions on how best they would have to handle the constraints of the project.
