Project management consists of planning, organizing, coordinating, and controlling recourses to reach goals and objectives set for the project (Rugenyi, 2016). For a project manager to generate a successful project, many factors are required, such as a scope and charter, budget requirements, identifying stakeholders, addressing potential risks, and creating a timeframe to meet project milestones. One technique that helps encompass every aspect of the project management process is utilizing the triple constraint triangle. The triple constraint triangle involves time, cost, and performance and helps establish balance (Rugenyi, 2016).
Creating a successful project management change can be difficult, and the two most important aspects of the triple constraint triangle are cost and quality. A project manager must be able to control costs to identify potential problems, which may increase the proposed budget (Miri & Khaksefidi, 2015). Cost control can be a challenging task, but one that is extremely important to create a successful project change. Cost control consists of five steps, such as determining the desired cost, calculating the real costs, comparing the actual cost to the value of the project, analyzing any possible deviations, and recommending ways to correct variations in cost (Miri & Khakesfidi, 2015). A project manager who is aware of the budget and how to prevent incidents that may increase expenses can uphold the allotted funding while producing a positive project outcome.
The second important aspect of a well-planned project is quality. Being able to implement and sustain a quality project should be the overall goal of any project manager. Quality is considered vital to a project because it increases competitiveness, production, reduces costs, and helps ensure long-term project change commitment (Ljevo, Vukomanovic, & Dzebo, 2018). A project that can maintain its quality and is cost-efficient will help to meet the vision, mission, and values of the entire organization.
The concept that that poses the most threat to any project is time. Time can be the biggest hurdle that a project management process must overcome. Projects that are unable to stay on schedule threatens the other components of the triple constraint triangle. A plan which goes off schedule jeopardizes costs and quality at the same time when a project takes more time to complete it than increases the monetary needs and may cause the project management team to attempt to cut corners and reduce the quality of the desired outcomes.