5-7 minutes<\/p>\n
The Project Management Triangle (also known as Triple Constraint, Iron Triangle and \u201cProject Triangle\u201d) is a model of the constraints of project management. Success in project management has been traditionally associated with the ability of the constraint parameters of projects in scope, time, cost, and quality called iron triangle. It is a popular metaphor pointing out that the project manager is asked to reach a reasonable trade-off among these constraints.<\/p>\n
Project managers often require a balancing act between key factors that constrain the overall project delivery. As such, the quality of work is constrained by the project\u2019s budget(funding and resources), deadlines (time) and scope (features). These three factors are the well-known attributes of scope, schedule, and cost as shown in the Figure below:<\/p>\n
Even if the project manager is allowed to have some flexibility to trade between constraints and obviously, changes in one constraint necessitate changes in others to compensate or quality will suffer. For example, a project can be completed faster by increasing the budget or cutting scope. Similarly, the increasing scope may require equivalent increases in budget and schedule. Cutting budget without adjusting schedule or scope will lead to lower quality.<\/p>\n
Where a customer asks for a fixed price quote before agreeing to project commencement but is flexible on what is delivered and how long it takes.<\/p>\n
Work in absolute customer priority order \u2013 reducing the time spent on technical helper tasks will help meet short-term budget constraints (at the cost of long term, post-project, efficiency)<\/p>\n
Release in short (1-2 week) sprints \u2013 similar to longer waterfall projects, longer sprints tend to cost overruns to deliver on time<\/p>\n
Monitor velocity and burn rate \u2013 this is your key indicator of the cost<\/p>\n
Where a customer asks for delivery by a certain date but is flexible in scope and cost. Work in absolute business value order \u2013 increases the number of user stories completed in a given sprint (high business value = simple, moderate-high priority) Enforce sprint duration \u2013 Your project will be defined by a fixed number of sprints, and extending a sprint will push out your final date FIXED SCOPE Where a customer asks for a fixed set of deliverables but is flexible in the time it takes to deliver and the cost of delivery. This is sometimes known as \u201cheavy agile\u201d.<\/p>\n
Focus on backlog definition and estimation during Sprint 0 to ensure accurate scope definition<\/p>\n
Where the customer asks for a fixed price quote for a fixed set of deliverables. In this situation, the final date for delivery is flexible. As well as the points in fixed cost and fixed scope;<\/p>\n