Project managers are aware about the existence of the Triple Constraint Theory. This states that every project will involve three constraints that can affect the outcome of the entire project. The so-called triple constraints of project management are the budget, time and scope. Each of these constraints affect the entire project if met poorly by the project managers. That is why it is important to study these factors before diving in deep to the project. With that being said, we will provide you with some other information below regarding this theory which can help you adapt easily.
Triple Constraints of Project Management
- History of the Triple Constraint Theory
- Benefits of Monitoring the Project Triple Constraint
- Triple Constraints of Project Management Templates
History of the Triple Constraint Theory
The first known use of the triple constraint model was back in the early 1950s. Although there is no concrete knowledge about its origins, it was believed to have come from the Theory of Constraints. This was introduced by Eliyahu M. Goldratt who is an Israeli businessman. The reason why it is believed to be the origin of the triple constraint, is because of the similarity between them. TOC states that in every project, there is always one constraint involved which can affect the entire project flow.
Benefits of Monitoring the Project Triple Constraint
As mentioned above the key things that you need to mind are the project triple constraint which are the cost, schedule and scope of the project. Doing so will provide a lot of benefits, especially for project managers since they can prepare for any situations that can make or break the entire project. Monitoring such constraint will give you the upper hand, since you will be able to immediately discern if there are impending risks that can make or break the entire project. Aside from that, there are other merits in acknowledging the existence of these constraints which are the following.
- Cost – One of the most important triple constraints of project management that keeps the project ongoing is the budget. By monitoring this constraint will prevent any overspending that can cause delay in the project.
- Schedule – Certain phases of a project follows a schedule that needs to be met. Working after deadlines causes unnecessary spending and can result in overspending the budget, which can affect the other phases of the project.
- Scope – Determining the scope of the project is also a factor that should be monitored. This is to avoid taking on responsibilities that aren’t part of the employees’ skill set.
Triple Constraints of Project Management Templates
Triple constraint models are abundant on the internet. There are many ways to make a chart that depicts the three constrains of project management. These models are used as reference by the project managers to remind them not to be complacent. Aside from that, it can also be distributed to your subordinates as a guide. With that being said, we prepared some templates that you can download and use for free
- Triple Constraint Venn Diagram Template
The template above is a basic Venn diagram that shows the relationship between each constraints. This simple project triple constraint template is perfect if you want to discuss each constraints to your subordinates and others.
- Project Management Triangle
Another term for the triple constraint is Project management triangle. As the name suggests, it is a triangular diagram that showcases the connection between the three constraints of project management. Each constraints are depicted with their respective images, and the template can be modified as well.
- Iron Triangle Template
The last template that we have is a straight up triangular project triple constraint model. Aside from the usual information, there is also a section that focuses on the quality of work being done. To download this template, simply click the button above.
There are many factors that contribute to the success or failure of a project. Among these factors are the triple constraints of project management, which were mentioned earlier. With that being said, one good example to show these constraints is by using a template. On that note, you can choose from the templates above whenever you need to show them in diagram form.