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The project management triangle (called also the triple constraint, iron triangle and project triangle) is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. [1] It contends that: The quality of work is constrained by the project's budget, deadlines and scope (features).
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Common among all the project management types is that they focus on three important goals: time, quality, and cost. Successful projects are completed on schedule, within budget, and according to previously agreed quality standards i.e. meeting the Iron Triangle or Triple Constraint in order for projects to be considered a success or failure. [21]
In process improvement efforts, quality costs tite or cost of quality (sometimes abbreviated CoQ or COQ [1]) is a means to quantify the total cost of quality-related efforts and deficiencies. It was first described by Armand V. Feigenbaum in a 1956 Harvard Business Review article.
Construction management (CM) aims to control the quality of a project's scope, time, and cost (sometimes referred to as a project management triangle or "triple constraints") to maximize the project owner's satisfaction.
Figure 2: Measuring schedule performance without knowledge of actual cost Figure 3: Measuring cost performance without a PV baseline Figure 4: The most common form of EVM graphic. It is helpful to see an example of project tracking that does not include earned value performance management.
The triangle emphasises "the importance of managing 'quality' besides time and cost". [8] Speaking to APM’s journal, Project, in 2012, Barnes said of the triangle that he "really didn’t know just how important it would become". He stated that he created it because, when he was first running projects, "they weren't even referred to as projects.
In the software industry, this means that one can pick any two of: fastest time to market, highest software quality (fewest defects), and lowest cost (headcount). This is the basis of the popular project management aphorism "Quick, Cheap, Good: Pick two," conceptualized as the project management triangle or "quality, cost, delivery".