On-Time and On-Budget — No Longer Good Enough
Posted on Sat, Jan 09, 2010 @ 03:37 PM
Author: Ira Grossman
If you have managed a project or have been asked to make a decision about a project for which you are the stakeholder, you likely have considered at least one side of what is known in project management as the Triple Constraint:
Project managers often invoke the Triple Constraint theory, which simply states that time, cost and scope are related so that if one changes, then another must also change in a defined and predictable way. At MCPc, we have used this decision-making concept for decades in hopes of completing our projects on-time and on-budget.
Is managing and measuring the Triple Constraint sufficient to determine and drive project success? After all, the model only considers project delivery as a factor for making decisions and measuring project success.
A New Model Emerges
A new model has recently surfaced, which forces project managers and stakeholders to consider the business value in project decisions- The Value Triple Constraint:
The Value Triple Constraint is an evolution of the Triple Constraint. It is a framework for measuring the ongoing value delivered through projects, and for bringing to light the value left behind by the original model.
This change will require that project managers understand the business value that the project intends to provide, and not just the variables that constitute "on-time and on-budget."
One of the major changes is that the PMBOK® Guide no longer mentions the triple constraint of scope, schedule and cost. Instead it discusses how project managers must balance the constraints of scope, quality, schedule, budget, resources and risk — much more in line with the newer, Value Triple Constraint model.
Project managers: what methodology do you find most helpful when making business decisions?
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Ira Grossman, VP, Personal Systems Group, has more than 15 years of technology project management experience and is an expert in lifecycle management and mobile device management for the enterprise, including the iPad. Connect with Ira on LinkedIn.
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