1 Project Management Triangle

The project management triangle, also known as the iron triangle or the triple constraint, is a framework that helps you understand the trade-offs between cost, time, and quality in any project. The triangle shows that if you change one of these factors, you will affect the others. For example, if you want to reduce the cost of the project, you may have to compromise on the time or the quality. The triangle also implies that you cannot optimize all three factors at the same time, and you have to prioritize one or two over the others. The project management triangle can help you set realistic expectations and communicate clearly with your stakeholders about the project goals and constraints.

2 Work Breakdown Structure

A work breakdown structure (WBS) is a tool that helps you break down the project scope into manageable and measurable tasks and deliverables. A WBS can help you estimate the cost, time, and quality of each task and deliverable, as well as the dependencies and relationships between them. A WBS can also help you assign resources, responsibilities, and risks to each task and deliverable, and track the progress and performance of the project. A WBS can help you balance the cost, time, and quality of the project by providing a clear and detailed picture of what needs to be done, how, and by whom.

4 Time Estimation Methods

Time estimation is the process of predicting the total duration of the project based on the scope, resources, and assumptions. It is essential for scheduling, planning, and controlling the project. There are various methods of time estimation depending on the level of detail and accuracy needed. Analogous estimation uses historical data and experience from similar projects to estimate the duration of the current project. Parametric estimation uses statistical formulas and models to estimate the duration based on parameters like size, complexity, or cost. Three-point estimation uses three estimates for each task and deliverable: the most optimistic, the most pessimistic, and the most likely. This method calculates an expected duration using a weighted average formula. Lastly, critical path method identifies the longest path of the project which determines its minimum duration. This method is comprehensive and accurate but requires more time and effort.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?