From the course: Blending Project Management Methods
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Waterfall and the triple constraint
From the course: Blending Project Management Methods
Waterfall and the triple constraint
- Running a project is like maintaining a home. There are always repairs and improvements to be done. But when you consider repairs and improvements to your home, you also have to consider three things. How soon do I need it done? How much do I have in the bank to pay for it? And what tasks will get it done the way I want? The same thing happens in businesses, and these three things are known in the project world as the triple constraint. You may have heard of it as the iron triangle or the project management triangle, but it means the same thing. The triple constraint is really all about managing cost, scope, and time. Let's talk about cost first. With cost we ask, what are the financial limitations that the project can't exceed? And remember, as you're going through this planning, you need to ensure that you're counting everything. Labor cost, so it's the people on your team. It's the labor of people you're going to bring in once in awhile. It's equipment. Do you need new equipment…
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