- About Us
- Why Olympus?
- News & Media
If time, money, or what your project accomplished were unlimited, you wouldn't need to do project management. Unfortunately, most projects have a specific time limit, budget, and scope. It is this combination that we refer to as the Project Management Triangle.
The core principle of the Project Management Triangle is that every project has three major constraints: time, budget, and scope. This principle tells us that each of these constraints can be mapped out on a triangle, with the inside of the triangle representing the output, quality (or defined success). The general understanding is that each constraint is related to the other two. For example, shorting the time constraint would result in decreasing the scope and/or increasing the budget. Increasing the scope constraint would result in increasing the budget and time constraints.
Time Constraint - A project's activities can take either a shorter or a longer amount of time to complete. Completion of tasks depends on a number of factors such as the number of people working on the project, experience, skills, etc. Time is a crucial factor which is uncontrollable. On the other hand, failure to meet the deadlines in a project can create adverse effects. Most often, the main reason organizations fail in terms of time is due to lack of resources.
Budget Constraint - It's imperative for both the project manager and the organization to have an estimated cost when undertaking a project. Budgets will ensure that the project is developed or implemented below a certain cost. Sometimes, project managers have to allocate additional resources in order to meet the deadlines with a penalty of additional project costs.
Scope Constraint - Scope looks at the outcome of the project undertaken. This consists of a list of deliverables which need to be addressed by the project team. A successful project manager will know to manage both the scope of the project and any change in scope which impacts time and cost.
We have found that many of our clients no longer have the in-house engineering expertise and corporate resources to address their project management needs efficiently and cost-effectively.
We provide the engineering resources and design expertise to address any (or all) of the factors that influence the success of your project - Time, Budget, or Scope.
Our Project Collaboration model allows clients to choose which of the Project Constraints they can manage internally versus how much how much they want to outsource to our team.