For managing the delivery of the project, Triple Constraint or Iron Triangle expresses the cost, time and scope or quality of the project. Each point of the triangle is connected to one point of the triangle. If any one of the points is move, then the impact will be seen on the other two points. Through this it is understood that the triangle model interrelates the quality, time and cost constraints. It has become the predominant framework to improve the design of the project with respective of the organizations. This paper will provide the review of the triple constraint model and provide the information about the strength and limitation that the model has with the project. In the next section, there will be two planning and controlling method that can manage the cost control of the Iron Triangle. The strength and weakness of the planning and control method will be evaluated and finally address the weakness each method by identifying them.
There are certain constraints that are necessary to carry out a project and is commonly known as the Triple Constrain representing the triangle of time, scope and cost (Serrador and Turner 2015). The delivery of the project must be within the cost and on time. It should meet the scope of the project. Additionally, the requirements of the customer quality should also be meet (Serrador and Pinto 2015). The figure below demonstrates the Triple Constraint model.
Figure 1: Triple Constraint Model
Source: Author
Measuring the performance of the project: The author has proposed that the triple constrain model of project management helps the team to take decisions effectively for planning and controlling the respective projects during the phase of execution (Kumbhar, Desai and Gupta 2017). Thus, for such advantage of the project planning and controlling, the performance of the project has significantly increase with the use of primary measurement framework of the Iron Triangle (Iyer and Banerjee 2016).
Estimation of the budgeting of the project: according to the author, business involve project management for proper estimation of the budgeting of the project (Klakegg and Lichtenberg 2016). This will identify various cost of the project that have lists of variables involve in it. For triple constrain, cost is the major constraints for the project. With this model, the project manager identifies the project costs and budget (McClory, Read and Labib 2017).
Project Scheduling Estimation: The Project Scheduling Estimation is very important for the completion of the project within the given scheduling timeline (Haz?r 2015). Time is the major factor for Triple Constrain Model of the project, as the business manager will find it helpful for estimating their project time scheduling.
Project quality Estimation: The author explain Triple Constrain Model is not incorporated by the quality of the respective project. However, it has become the ultimate objective within the project of the triple constrain model (Berssaneti and Carvalho 2015). There is a belief of some of the author that to enhance the project quality project cost is higher. When the business project implement resources of low quality, it could not accomplish the project successfully. Thus, the Triple Constrain Model delivers project quality as one of the important aspects for the project management.
Strategic Dimension: Through strategic context the benefits of the project is successfully delivered. There is a lack in the strategic factor of the model, due to which the project has to face sudden problem in the mid-way of the process execution phases. The author, in his article has argued that in reality, Triple Constraints deliver a successful project tactically but there are some lacks in the strategic factors which include relevance, sustainably and impact of the project to make it successful (Mir and Pinnington 2014).
A case study has been taken for the Wembley Stadium that was a failure in the year 2002. This failure was due to the inefficiencies in the contemporary part of the project managers. Later, they were able to find out the cause of the problem and the risk that is associated with the project and the Triangle of the project management (Alias et al. 2014). They were not able to understand the risk that was connected with the outcome of project quality dimensions. Therefore, the delivery of the project was done on time and within the estimated budget. However, they could not meet the end users’ requirements of the customer.
In this project, cost has become the major constraint for the Triple Constrain Model which requires an estimation in the budget of the project. To manage the cost constraint of the controlling and planning methods has been illustrating below:
Zero Based Budgeting (ZBB): This method is used for budgeting and cost planning and it justifies the activity and cost involved with the project (Callaghan, Hawke and Mignerey 2014). The method of budgeting has initialized with a base zero and there where various processes of the project where analysis was involved to implicate with the requirement and cost of the project. There is top level strategic goal implemented into the process of budgeting in this method for a particular project. With this method, the project manager measures the cost of the previous expectations with the current expectations.
Cost Breakdown Structure (CBS): There is a similarity in the Cost Breakdown Structure and the Work Breakdown Structure of the project that enables the entire project breakdown into multiple activities that are meaningful for the completion of the project within the budget that has been schedule (Laura and Vicente 2014). Therefore, the cost summary can be provided with the help of CBS that is in this project. In overall, cost breakdown is the main purpose of the CBS that is associated with the project (Shafiee, Brennan and Espinosa 2016). This will help the project manager to identify the plan and control the entire project. The figure of the CBS in the project is the evident where the entire project breakdown has been done into smaller activities for the departments that has include the operations, maintenance and man-hours with the project cost summary.
Figure 2: Cost Breakdown Structure (CBS)
Source: Author
Earned Value (EV): In the environment of business, the project plan, completed work and value of the actual work is control with the approach of Earned Value, to keep the track of the project (Chen, Chen and Lin 2016). With respect to the project, the Earned Value also helps in index of cost performance, index of complete performance, index schedule performance, schedule variance estimation, and with estimated completion. The author has discussed that with the help of earned value, the project managers are able to compare the estimated cost against the cost incurred so that the project can be complete at the expected time period.
S-Curve: the name itself signifies the curve shape of the business environment which incorporate the project cumulative costs (Tripathi 2017). Business managers are able to monitor and keep track of the actual progress in the project in correspond to the project cumulative cost that has incurred. The diagram is the evidence of the S-curve that distinguished the three phases namely the initial phase, expansion phase and the phase of maturity that has utilized the project actual progress with some evaluation and tracking in respective of the project cumulative costs that has involved. The growth of product or services in business is represented by a life cycle curve with an S- shape which is demonstrated in the figure below:
Figure 3: S- Curve of the Business Life Cycle
Source: Author
Evaluation strengths of Earned Value
With the help of earned value, the project managers are able to compare cost of estimation against the actual cost that has been incurred to complete the project within the given time period. With respect to the project, the Earned Value also helps in index of cost performance, index of complete performance, index schedule performance, schedule variance estimation, and with estimated completion.
Evaluation strengths of S-Curve
At the beginning of the S-Curve that is the initiation phase of the project, there is an estimation in the profit and loss that has incurred with the project. With the help of S-Curve the project performance path is displayed with respect to the project investment cost that has incurred.
Evaluating the weaknesses of Earned Value
The quality is not included in analyzing the Earned Value. Therefore, the situation may arise that high-earned value is incorporated with the project but the project quality is not maintained.
Evaluating the weaknesses of S-Curve
If there is any discontinuity in the exiting shape, then it is completely helpless for the business managers. Additionally, in S-Curve there is no indication with regard to the investment that has been made or with regard to withdrawn of any new activities that has been implemented.
Address the identified weaknesses of Earned Value
In order to simultaneously include the earned value estimation of the project with the project quality maintenance, it is appropriate to have a software that can be helpful for different criteria to co-ordinate with each other.
Address the identified weaknesses of S-Curve
The schedule project has to be align by the business manager with the budget of the project whenever there is a decline in the productivity line.
Strength of Cost Breakdown Structure
There are number of discrete activities that has break down the project entirely with the help of CBS. These has happened with respect to various departments in which the project was involved. With the help of CBS it has become easier to plan a budget that can be involve in the project.
Weaknesses of Cost Breakdown Structure
For any particular project the most prominent weakness has been estimated in the breakdown of the cost. There is no hint provided about the process of breakdown were it could be stop. Additionally, it even difficult to identify the value.
Address the identified weaknesses of Cost Breakdown Structure
There is a need of careful examination and evaluation of the business requirement and the criteria by the Chief Executive Officer to implant the particular project. This would be appropriate for the CBS to estimate a long run project.
Strength of Zero Based Budgeting
It provides allocation of resources in an efficient way. The method of reducing the cost will be identified by the project managers. It will identify and eliminate the non-useful activities through which the target can be achieved.
Weaknesses of Zero Based Budgeting
The method used is very complicated. Due to this reason the time consumption is quite high. Employees must be given proper training so that they can implement the method in a proper way.
Address the identified weaknesses of Zero Based Budgeting
Due to the implementation complexity of the method and at the same time the consumption of the time, it would be better to make the utilization of the plan in the selective processes rather than elimination of the entire budget of the project.
Conclusion
From the study being done in the triangle model of the project management has clearly demonstrated the concept behind the use of the triangle constraint in making the project. With the evaluation done in the planning and control method has clearly identified the uniqueness of the project management model. The study done on the case of Wembley Stadium has demonstrated the model of the business. The project manager finds the business model useful for managing the process of the business with all the requirement specified to make the project a successful one. Thus, it has concluded that the management of the project is represented with a triangle. The three constraints of the triangle can be challenged through various tools and techniques. Therefore, the project manager has to keep balance of the project constraints to implement the appropriate tools for a successful project.
References
Alias, Z., Zawawi, E.M.A., Yusof, K. And Aris, N.M., 2014. Determining Critical Success Factors of Project Management Practice: A Conceptual Framework. Procedia-Social and Behavioral Sciences, 153, Pp.61-69.
Berssaneti, F.T. And Carvalho, M.M., 2015. Identification of Variables That Impact Project Success in Brazilian Companies. International Journal of Project Management, 33(3), Pp.638-649.
Callaghan, S., Hawke, K. And Mignerey, C., 2014. Five Myths (And Realities) About Zero-Based Budgeting. Mckinsey & Company, P.2.
Chen, H.L., Chen, W.T. And Lin, Y.L., 2016. Earned Value Project Management: Improving The Predictive Power of Planned Value. International Journal of Project Management, 34(1), Pp.22-29.
Haz?r, Ö., 2015. A Review of Analytical Models, Approaches and Decision Support Tools In Project Monitoring And Control. International Journal of Project Management, 33(4), Pp.808-815.
Iyer, K.C. And Banerjee, P.S., 2016. Measuring and Benchmarking Managerial Efficiency of Project Execution Schedule Performance. International Journal of Project Management, 34(2), Pp.219-236.
Klakegg, O.J. And Lichtenberg, S., 2016. Successive Cost Estimation–Successful Budgeting of Major Projects. Procedia-Social and Behavioral Sciences, 226, Pp.176-183.
Kumbhar, M.P.D., Desai, D.B. And Gupta, A.K., 2017. Role of Project Management Consultancy (PMC) And Its Effectiveness in Construction Industry. Imperial Journal of Interdisciplinary Research, 3(12).
Laura, C.S. And Vicente, D.C., 2014. Life-Cycle Cost Analysis of Floating Offshore Wind Farms. Renewable Energy, 66, Pp.41-48.
Mcclory, S., Read, M. And Labib, A., 2017. Conceptualizing The Lessons-Learned Process in Project Management: Towards A Triple-Loop Learning Framework. International Journal of Project Management, 35(7), Pp.1322-1335.
Mir, F.A. And Pinnington, A.H., 2014. Exploring The Value of Project Management: Linking Project Management Performance and Project Success. International Journal of Project Management, 32(2), Pp.202-217.
Serrador, P. And Pinto, J.K., 2015. Does Agile Work? —A Quantitative Analysis of Agile Project Success. International Journal of Project Management, 33(5), Pp.1040-1051.
Serrador, P. And Turner, R., 2015. The Relationship Between Project Success and Project Efficiency. Project Management Journal, 46(1), Pp.30-39.
Shafiee, M., Brennan, F. And Espinosa, I.A., 2016. A Parametric Whole Life Cost Model for Offshore Wind Farms. The International Journal of Life Cycle Assessment, 21(7), Pp.961-975.
Tripathi, A.K., 2017. Impact of Technology Life Cycle On Alliance Governance Structure. EVIDENCE BASED MANAGEMENT, P.293.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download