In: Operations Management
with the aid of a diagram, discuss the triple constraints of project management?
Project management has triple constraints such as time, cost and scope which is represented in the diagram. Quality is represented in the center. Changes in the time, cost or scope of the project will affect the quality.
The triple constraints are as follows
Time - Every project has boundation of time or time constraint and the project has to be completed within the defined time frame.
Cost - Company has limited resources and the cost is one of them. Cost is a constraint because the company has a limited budget to complete the project in a profitable way.
Scope - Scope of the project includes the tasks which are required for the completion of the project. It is very important because if there is no control over the scope of the project then it will affect the time and cost of the project.