What is the Iron Triangle? Time, Cost, Quality, Scope?

The Iron Triangle is a fundamental concept in project management, representing the balance between time, cost, and quality/scope. It highlights the trade-offs project managers must make to achieve project goals. The triangle is rigid, meaning changes to one corner require adjustments to others. Understanding this concept helps in making informed decisions and managing project constraints effectively.

What are the three main components of the Iron Triangle in project management?

• Quality, Functionality, Budget

• Scope, Budget, Resources

• Time, Resources, Budget

• Time, Cost, Quality

How do British project managers typically refer to the Iron Triangle?

• Scope, Functionality, Budget

• Time, Cost, Scope

• Budget, Resources, Quality

• Time, Cost, Quality

What happens if you want to change one corner of the Iron Triangle?

• You can change it without affecting the others

• The project will fail

• You must change at least one other corner

• It will automatically adjust the other corners

What is another name for the Iron Triangle due to its constraints?

• The Balance Beam

• The Triple Constraint

• The Project Pyramid

• The Management Matrix

What additional concept does the narrator introduce to provide more flexibility in project management?

• The Project Square

• The Dynamic Quadrant

• The Four-Cornered Model

• The Flexible Triangle