⊿ Point. {R} Glossary. ◢ Keyword: P. ◥ University. {q} PhD. {tr} Training. ⬛ ILM. ILM: Unit 1. ⚫ NI. ↂ EndNote. ☗ UU. ⬛ ILM. Project management triangle. The Project Management Triangle The Project Management Triangle (called also Triple Constraint or the Iron Triangle) is a model of the constraints of project management. It is a graphic aid where the three attributes show on the corners of the triangle to show opposition. It is useful to help with intentionally choosing project biases, or analyzing the goals of a project.[1] It is used to illustrate that project management success is measured by the project team's ability to manage the project, so that the expected results are produced while managing time and cost.[2][3][4] Overview[edit] The time constraint refers to the amount of time available to complete a project.
The cost constraint refers to the budgeted amount available for the project. The scope constraint refers to what must be done to produce the project's end result. Another approach to project management is to consider the three constraints as finance, time and human resources. James P. Example[edit] Time[edit] Cost[edit] What are project parameters. COST: How to Estimate Project Costs.
In a world of limited funds, as a project manage you're constantly deciding how to get the most return for your investment. The more accurate your estimate of project cost is, the better able you will be to manage your project’s budget. Therefore, estimating a project’s costs is important for several reasons: It enables you to weigh anticipated benefits against anticipated costs to see whether the project makes sense.
It allows you to see whether the necessary funds are available to support the project. Although you may not develop and monitor detailed budgets for all your projects, knowing how to work with project costs can make you a better project manager and increase your chances of project success. A project budget is a detailed, time-phased estimate of all resource costs for your project. Your project’s budget includes both direct and indirect costs. Direct costs include the following: Indirect costs fall into the following two categories: {pdp} Time.