The Iron Triangle of Project Management
The Iron Triangle (shown above) is a bedrock principle of project management. Every project since the dawn of time, from Stonehenge to the Space Shuttle, has had to deal with the triple constraints of Scope, Schedule and Resources. These are defined as:
- Scope/Scale – what must be built
- Schedule – when it must be finished, plus significant milestones
- Resources – who builds it, how much it must cost.
The rule is “Good, Fast, Cheap – Pick any Two”. This reflects the idea that it is impossible to optimize for all three constraints.
In our case, our budget, though generous, is fixed. The schedule is tight, because we have to be done before December 2009. Since these two are constrained, the scope and scale of our renovation project must be flexible. This is why the committee has to set priorities.
