The Triple Constraint, or the Project Management Triangle, is a project management model that depicts the constraints most every project faces. These constraints are scope, time and cost. Please note that this is what is commonly referred to as the “triple constraint.” There are, of course, other constraints like quality.
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Every project manager and his or her team have to scope out their project such that they deliver a high quality solution within a specific time and by working within a specific budget. Every project faces potential issues that may cause time and cost overruns. These issues make it critical for the project manager to navigate through the triple constraints by planning heavily in advance, managing people and resources, working to identify and eliminate risks, and to work to deliver a quality solution that meets the requirements of their clients and stakeholders.

Here are some best practices that can help balance the traditional triple constraints of project management by planning the work and working the plan:

Project definition documentation: Although noted as a single document, this may be and should be a series of documents meant to define the overall project, for example, Project Charter, Idea Request, Business Case, Scope Document, etc. Each should be a robust and comprehensive document that states the project overview, the goals of the project, scope, assumptions, risks, organizational structure (of the project), financial estimates for the work necessary to complete the project, and high level project schedule including the major milestones. It is imperative that you secure executive and stakeholder approvals for all documents above.

Workplan or Work Breakdown Structure (WBS):  Create a detailed Workplan or WBS that contains a sequence of steps required to be executed so that defined outcomes are delivered. It is imperative that tasks are broken down into manageable pieces so that each task may be tracked and measured and defined within a given period of time. The task must be at a level that is is trackable and assignable. The Workplan or WBS will help you to control the way work flows, and to manage the project towards the overall project’s goals.

Project Management Plan (not a WBS, GHANTT Chart or workplan): Create an overall project management plan that includes information on how the project manager and project team will manage issues, project risks, how change will be managed, how quality will be maintained and how communication will flow, etc. Defining these processes and determining how they will be managed and who will be accountable for them will help the team be more productive and be proactive towards managing the project. The information contained in this document will help to ensure that when critical risks or issues arise, the project team doesn’t have to stop and strategize actions because an action plan will have already been created and contained within the overall project management plan.

Watch the warning signs: Once the project plan and procedures have been created and approved, the real work is ready to begin. This is the time when you must keep your eyes open for warning signs – variances must not be allowed to build up. Watch for any unforeseen or inexplainable variances in cost or schedule and take actions immediately should they arise.

Scope changes: In most projects other than in some very small projects, situations may occur that call for a change in scope, schedule or cost. This change may be self driven or may be caused by external factors. If that happens, ensure that all project stakeholders who are interested in the project are made aware of the changes. Secure their sign-off on these changes if the change is a material change and signatures are warranted per the Project Management Plan. Ensure that you effectively manage proposed changes or increases in the amount of deliverables by weighing such requests against the potential impact on the schedule and budget. Always apply a cost and schedule impact value to change requests.

Identify and manage risks and issues: Risks can be both controllable or uncontrollable. They may heavily impact the project – or they may not even impact it at all. It is critical to try and identify all known risks with the probability of their occurrence. Their impact should be included in the Project Management Plan along with measures on how to mitigate the risks when they occur. All known risks and issues should be proactively managed and resolved as they present themselves.

To sum up, the triple constraints of project management, if not managed or balanced well, have the potential to delay a project, inflate costs, decrease the quality of work and risk not satisfying the overall client. Only a well-balanced mix of planning, executing, monitoring and controlling, and validating will help ensure the effective management of the triple constraint.