NPD Jargon Buster: Triple Constraint

Learning Centre > NPD Jargon Buster: Triple Constraint

The triple constraint is the combination of the three most significant restrictions on any project: scope, schedule and cost.

The triple constraint is the combination of the three most significant restrictions on any project: scope, schedule and cost.The triple constraint is the combination of the three most significant restrictions on any project: scope, schedule and cost.
Contents

The triple constraint is the combination of the three most significant restrictions on any project: scope, schedule and cost. Put simply, it's the triangle that project managers have to work within. And let me tell you, it's not easy.
The scope of a project is the range of work you must do to achieve the project's objectives. The schedule is the timeline for completing the work, and the cost is, well, how much it will cost. Balancing these three things is the challenge of every project manager.
If you want to complete a project on time and within budget, you will have to make some sacrifices on the scope. Likewise, if you expand a project's scope, you will have to either increase the budget or extend the timeline. So it's all about trade-offs.
The triple constraint is sometimes referred to as the project management or iron triangle. Whatever you call it, just remember that it's the key to successful project management.

No items found.

The triple constraint is the combination of the three most significant restrictions on any project: scope, schedule and cost. Put simply, it's the triangle that project managers have to work within. And let me tell you, it's not easy.
The scope of a project is the range of work you must do to achieve the project's objectives. The schedule is the timeline for completing the work, and the cost is, well, how much it will cost. Balancing these three things is the challenge of every project manager.
If you want to complete a project on time and within budget, you will have to make some sacrifices on the scope. Likewise, if you expand a project's scope, you will have to either increase the budget or extend the timeline. So it's all about trade-offs.
The triple constraint is sometimes referred to as the project management or iron triangle. Whatever you call it, just remember that it's the key to successful project management.

Key Takeways

Related Articles

Join 70+ companies accelerating their product development with Innovolo
Farm+Stable is a client of Innovolo, a product development as a service provider offering R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. As a company that specializes in the development and engineering of products for the agriculture and construction industries, Farm+Stable has benefited from Innovolo's expertise in helping to bring new products to market quickly and efficiently. In particular, Farm+Stable has been able to rely on Innovolo's team of experienced engineers to help with the design and development of a new line of products that are designed to be more durable and longer-lasting than previous models. With Innovolo's help, Farm+Stable has been able to bring these new products to market in a timely manner, and they have been well-received by customers. Thanks to Innovolo's innovative product development solutions, Farm+Stable has been able to stay ahead of the competition and continue to grow their business.
Innovolo is a product development as a service provider. It offers R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. Its services are used by clients in a variety of industries, including automotive, aerospace, consumer electronics, and medical devices. One of its clients is Kawneer, a leading manufacturer of aluminum products for the architectural and construction industries. Kawneer has been using Innovolo's services to help develop new products and to manage the obsolescence of its existing products. Thanks to Innovolo, Kawneer has been able to speed up its product development cycle and to reduce its costs. As a result, Kawneer has been able to bring new products to market faster and to better meet the needs of its customers.

Related Tools and Templates

No items found.

Brands Mentioned

No items found.