Every project is constrained in different ways by its scope, time, and cost goals. To create a successful project, a project manager must consider scope, time, and cost and balance these three often-competing goals. He or she must consider the following:
Scope: This goal involves questions such as, "What work will be done as part of the project? What unique product, service, or result does the customer or sponsor expect from the project? How will the scope be verified?"
Time: This goal encompasses questions such as, "How long should it take to complete the project? What is the project's schedule? How will the team track actual schedule performance? Who can approve changes to the schedule?"
Cost: This goals deals with questions such as, "What should it cost to complete the project? What is the project's budget? How will costs be tracked? Who can authorize changes to the budget?"
Managing the triple constraint involves making trade-offs between scope, time, and cost goals for a project. Experienced project managers know that they must decide which aspect of the triple constraint is most important.