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  • Writer's pictureMark Baglow

The Project Management Triangle

Did you know that 97.5% of companies fail to complete all of their projects successfully?

And that 70% of all projects fail?

The key reason?

Overlooking the critical importance of effective project management.

At the heart of this challenge lies the Iron Triangle of project management - Quality, Time, and Budget.

Balancing these elements is crucial, yet often misunderstood.

💰 Budget dictates the financial resources allocated.

⏳ Time dictates how quickly a project needs to be completed.

📄 Scope dictates what the project will, and will not, include.

Together, these three variables define the Quality of the project's outputs.

Over 40% of companies don’t appreciate the significance of project management, leading to failures and inefficiencies.

Projects are 2.5 times more successful when proper project management methodologies are in place.

Think of all the billions companies waste every year just because they are poor at project management!

It's not just about following a process.

It's about adapting methodologies to each project's unique needs.

Take a project I was brought into, for example.

It was over budget – the most common cause of project failure.

The team, lacking in project management experience, didn't know what to do and faced a tough decision.

Working closely with them and the end user, I was able to help them identify three key options using the Iron Triangle:

Increase the budget to manage the extra costs.

Extend the timeline.

Reduce the project's scope by removing a feature.

By openly discussing these trade-offs, we made an informed decision to slightly extend the timeline and adjust the scope, ensuring quality while managing the costs.

Mastering project management is not just about juggling these three elements - it’s about deeply understanding their interplay and significance.

Most project problems can be solved through thorough planning before the project begins.

Effective project management can help you save money, reduce project failure, and set you up for success.

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