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A change in scope, time, or cost will often impact each other. This is known as a triple constraint and it's often represented as a triangle with scope, time, and cost on each side.
The representation of a triangle visually reminds us that one side cannot be changed in size without impacting the other two sides.
EXAMPLE
An increase in scope, like the addition of a better quality surface on road construction, will also cause an increase in the length of the schedule and the size of the budget.EXAMPLE
If you increase the amount of money available for the development of a video game, the scope of features and the time or resources can increase too. Any change in schedule, either the addition of time on the work on an office building takes longer or a reduction in time, like if the office building must be completed sooner, then the scope of the work and the cost will drop too.You probably won't be surprised to learn that this triangle is often referred to as the Project Management Triangle. As you can see, it includes the three primary areas that could be managed to help a project succeed. Also, the inside of the triangle is sometimes referred to as quality since it is the result of all the other criteria.
A project manager must keep all of these relationships in mind as he or she moves a project toward its goals, and must also remind others of these constraints.
Though a project manager can use any tools at his/her disposal, there are a few that are necessary for almost any project.
Source: This work is adapted from Sophia author Jeff Carroll.