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[2] [3] Martin Barnes (1968) proposed a project cost model based on cost, time and resources (CTR) in his PhD thesis and in 1969, he designed a course entitled "Time and Cost in Contract Control" in which he drew a triangle with each apex representing cost, time and quality (CTQ). [4] Later, he expanded quality with performance, becoming CTP.
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]
The model then provides as output various resources requirements in cost and time. Some models concentrate only on estimating project costs (often a single monetary value). Little attention has been given to the development of models for estimating the amount of resources needed for the different elements that comprise a project. [1]
Project Management Triangle – is a model of the constraints of project management. Resources in project management terminology are required to carry out the project tasks. They can be people, equipment, facilities, funding, or anything else capable of definition (usually other than labour) required for the completion of a project activity.
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 project management triangle. Barnes' contribution to the civil engineering profession is considered immense, [4] especially for his invention of the classic Time/Cost/Quality triangle – known variously as the project management triangle, Iron Triangle or 'Barnes Triangle'. He himself considered that "this was a very significant step in ...
These costs are seen as an equally important parameter besides feature scope and schedule, the three taken together yielding the well-known project triangle. By taking the right design decisions as early as during the initiation and concept phase of the product life-cycle , unnecessary costs at later stages can be avoided.