I’ve just completed an article on The Project Management Triangleand whilst I was writing it it struck me how well the triangle explains the difficulties faced by small business.
Understanding and managing constraints is an important activity for all businesses, so having a model that identifies three common constraints can help us.
The project management triangle identifies three constraints:
- time
- cost
- scope
The idea is that if you change one then you’ll affect the others too, for example, increasing the time available will affect cost and allow scope to grow – and isn’t that just like running a business or implementing any change in a business. We only have so much time and budget available and we’re constantly trying to deliver as much as possible (the scope) within that.
If we want to deliver more, then we have to find more time and/or more budget – by employing someone or asking more suppliers to help us or taking out a loan.
So, the only way to grow is to improve capacity at one of the constraints. What do you think?
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