There is nothing more fundamental in PM as the Time-Cost-Quality Triangle, the Triangle of Balance, the Triple Constraint... the Iron Triangle. Understand this, and you have the basis to make many of the decisions you'll face.
Thank you, Mike! It saved me a lot of headache in one of the project in my freelancing career that I just started. I'm new to project management and your videos are a great resource. Thank you for all your great efforts! I wish you more subscribers!! :)
Thank you for these useful information. I have a question: who is the responsible of identifying how much time, which level of quality should be achieved and how much money should be spent ? what is the reference for these values ?
You're welcome. On some projects, you'll be given a hard deadline. On others, a fixed budget, or a sharp specification. But, on others, it's down to the Project manager to speak with the client/sponsor/boss and other key stakeholders to understand their priorities. Form those conversations, it's the PM's job to articulate the Time, Cost, Quality, and Scope requirements. And then to take that 'trial' set to their client/sponsor/boss to get it signed-off. I discuss this fully, in our full training programs: onlinepmcourses.com
According to the lecture, if we want to add a new scope, and the budget is fixed, then we might consider to extend the deadline. I've got a question here. Does extending the deadline mean that our team will do longer work, which possibly affect the cost? Then how could changing the deadline help? Thank you!
You are right, extending the deadline often won't help with budget constraints. However, if the existing timeline depends on expensive bought-in resources, or overtime, then relaxing the schedule can reduce the unit cost of resources and hence reduce the overall cost. But it's a bit of a special situation.
To the client, the iron triangle might mean nothing... until you (the PM) explain why it's important. Knowing where your client's priorities lie on the three corners of the Time-Cost-Quality Triangle means you can make decisions more effectively. The benefit to your client is two-fold: 1. You make better decisions on their behalf 2. You need not revert to them as often To the client, the iron triangle is just a way of articulating their objectives and their relative priorities. Bit U typically explain it (in the T-C-Q form) to clients at the start of any project - early in the definition stage. By discussing where their priorities lie in TCQ space, we can create a shared understanding.
I can conceptualize quality as an element of scope but not vice versa. Scope encompasses all deliverables including human and other resources in delivery and the quality of these is to be determined before delivery. I know there seems to be a US/UK split on this and the 'Institutions': APM Body of Knowledge / PMBoK reflects this. They have respective vested interests in asserting 'brand' differences. In any case 'asserting' quality over scope does not address the point above.
I'm not sure the difference between T-C-Q and T-C-S is a brand difference between APM and PMI. I think the two institutions are reflecting custom and practice in the US and UK. Scope and Quality are two different things and I prefer to think of a 4-way constraint. But I genuinely also think that scope does not quite fit my concept of an objective, 'how you want your goal delivered'. Rather, it is about the breadth and depth of your ambition. That isn't asserting quality 'over' scope. Just that it's different. Finally, scope does not talk about resources. They are covered in Cost - the master resource that can pay for materials, assets, and people.
@@Onlinepmcourses I want to understand the box goals of good performance to be provided to know that the project has achieved the conditions to be achieved to judge it is good.scope ,cost ,and time project performance targets.this
I'm not sure I understand your question. But I think you have the key point here: time/schedule, cost/budget, and quality are the primary objectives we can measure success against.If we deliver what we promised to deliver (scope), to budget, schedule, and quality, we have success. Of course, if we have failed to properly engage with our stakeholders, they may not see it that way. So, if you are just learning about project management, do look up my videos on stakeholders and stakeholder engagement.
@@Onlinepmcourses I am a student of the civil engineering department. We study this article in the book. We have a square form in which these objectives are not understood, but I did not understand this form in which this is my question. You will not understand my question until you see the shape of these goals.thank you very much for answer me
Time is money so this is a dilemma with only one horn and thus empty concept .Suggest instead using recursively law of supply and demand to and learning to gamble with margins of cost or revenue ? The output will in addition be scalar and not an awkward triple constraint .
'Time is money' is an easy cliché. But actually, time costs money. They are not the same. You can advance progress by investing (money) in resources. So, in Projects at least, the triple- or four-way- constraint is valid. And also, in projects, we avoid gambling wherever we can. Our role is to manage, not encourage risks.
There is nothing more fundamental in PM as the Time-Cost-Quality Triangle, the Triangle of Balance, the Triple Constraint... the Iron Triangle. Understand this, and you have the basis to make many of the decisions you'll face.
▵🔺▲⟁◬⚠️
Thank you, Mike! It saved me a lot of headache in one of the project in my freelancing career that I just started. I'm new to project management and your videos are a great resource. Thank you for all your great efforts! I wish you more subscribers!! :)
Fantastic, thank you, Avinash! I wish me more subscribers too!
Seriously - I am glad my content has helped you!
Very useful for my university studies, thank you very much!
You are very welcome. Good luck with your studies.
Thanks for the good explanation! It helps!
You're welcome!
Excellent, informative video. well delivered and has helped me a lot. thank you.
Thank you!
Very useful information.
Glad you think so!
Thank you for these useful information. I have a question: who is the responsible of identifying how much time, which level of quality should be achieved and how much money should be spent ? what is the reference for these values ?
You're welcome.
On some projects, you'll be given a hard deadline. On others, a fixed budget, or a sharp specification.
But, on others, it's down to the Project manager to speak with the client/sponsor/boss and other key stakeholders to understand their priorities. Form those conversations, it's the PM's job to articulate the Time, Cost, Quality, and Scope requirements. And then to take that 'trial' set to their client/sponsor/boss to get it signed-off.
I discuss this fully, in our full training programs: onlinepmcourses.com
According to the lecture, if we want to add a new scope, and the budget is fixed, then we might consider to extend the deadline. I've got a question here. Does extending the deadline mean that our team will do longer work, which possibly affect the cost? Then how could changing the deadline help? Thank you!
You are right, extending the deadline often won't help with budget constraints. However, if the existing timeline depends on expensive bought-in resources, or overtime, then relaxing the schedule can reduce the unit cost of resources and hence reduce the overall cost. But it's a bit of a special situation.
what is the importance of iron triangle to the client? anyone please answer
To the client, the iron triangle might mean nothing... until you (the PM) explain why it's important.
Knowing where your client's priorities lie on the three corners of the Time-Cost-Quality Triangle means you can make decisions more effectively. The benefit to your client is two-fold:
1. You make better decisions on their behalf
2. You need not revert to them as often
To the client, the iron triangle is just a way of articulating their objectives and their relative priorities. Bit U typically explain it (in the T-C-Q form) to clients at the start of any project - early in the definition stage. By discussing where their priorities lie in TCQ space, we can create a shared understanding.
It is also referred to as Time-Cost-Quality Triangle, The Triple Constraint, and The Triangle of Balance
Indeed!
:-)
I can conceptualize quality as an element of scope but not vice versa. Scope encompasses all deliverables including human and other resources in delivery and the quality of these is to be determined before delivery. I know there seems to be a US/UK split on this and the 'Institutions': APM Body of Knowledge / PMBoK reflects this. They have respective vested interests in asserting 'brand' differences. In any case 'asserting' quality over scope does not address the point above.
I'm not sure the difference between T-C-Q and T-C-S is a brand difference between APM and PMI. I think the two institutions are reflecting custom and practice in the US and UK.
Scope and Quality are two different things and I prefer to think of a 4-way constraint. But I genuinely also think that scope does not quite fit my concept of an objective, 'how you want your goal delivered'. Rather, it is about the breadth and depth of your ambition. That isn't asserting quality 'over' scope. Just that it's different.
Finally, scope does not talk about resources. They are covered in Cost - the master resource that can pay for materials, assets, and people.
Sir
How I can ask the teacher I don't understand thing I want ask you.😢
What is it you want to know?
@@Onlinepmcourses
I want to understand the box goals of good performance to be provided to know that the project has achieved the conditions to be achieved to judge it is good.scope ,cost ,and time project performance targets.this
I'm not sure I understand your question. But I think you have the key point here: time/schedule, cost/budget, and quality are the primary objectives we can measure success against.If we deliver what we promised to deliver (scope), to budget, schedule, and quality, we have success. Of course, if we have failed to properly engage with our stakeholders, they may not see it that way. So, if you are just learning about project management, do look up my videos on stakeholders and stakeholder engagement.
@@Onlinepmcourses
I am a student of the civil engineering department. We study this article in the book. We have a square form in which these objectives are not understood, but I did not understand this form in which this is my question. You will not understand my question until you see the shape of these goals.thank you very much for answer me
Time is money so this is a dilemma with only one horn and thus empty concept .Suggest instead using recursively law of supply and demand to and learning to gamble with margins of cost or revenue ? The output will in addition be scalar and not an awkward triple constraint .
'Time is money' is an easy cliché. But actually, time costs money. They are not the same. You can advance progress by investing (money) in resources. So, in Projects at least, the triple- or four-way- constraint is valid. And also, in projects, we avoid gambling wherever we can. Our role is to manage, not encourage risks.
@@Onlinepmcourses Thanks for that !
Adam's apple? More like Adam's watermelon.
okay.