6 Constraints of Project Management

Summary

In this video, the speaker discusses the six key constraints in project management: time, cost, scope, quality, resources, and risk. Drawing from the classic Iron Triangle (scope, time, cost, and quality), the speaker highlights how these constraints are interconnected and how managing them effectively is crucial for successful project delivery. Emphasizing the need to juggle all six constraints simultaneously, the video stresses the importance of balancing priorities and considering impacts when changes or risks arise. Viewers are encouraged to reflect on how these constraints play out in real-life projects.

Takeaways

• 😀 The traditional Iron Triangle of project management includes Scope, Time, Cost, and Quality, and changes to one constraint impact the others.
• 😀 Recent project management insights have expanded the original Iron Triangle to include two additional constraints: Resources and Risk.
• 😀 The six key constraints of project management are Time (Schedule), Cost, Scope, Quality, Resources, and Risk.
• 😀 Time refers to completing the project on schedule, while Cost involves staying within the project’s budget.
• 😀 Scope must be carefully managed, defining what is included and excluded from the project, while Quality ensures the final product meets its intended standards.
• 😀 Resources include both physical (materials, infrastructure) and human (team members) resources required for the project.
• 😀 Risk includes unexpected events or changes that could derail the project, and must be carefully planned for.
• 😀 A project manager must juggle all six constraints simultaneously, as focusing on one at the expense of others can lead to project failure.
• 😀 Changes in the project (such as scope adjustments or new requirements) require a thorough evaluation of their impact on all six constraints.
• 😀 Prioritizing one constraint (e.g., cost or schedule) over others without considering the full impact can lead to disaster, underscoring the need for balance.
• 😀 Managing project constraints effectively is crucial for delivering successful projects, and project managers must continuously monitor and adjust as needed.

Q & A

What are the six key constraints that every project manager should manage?

The six key constraints every project manager must manage are time (schedule), cost, scope, quality, resources, and risk.

What is the Iron Triangle in project management?

The Iron Triangle, also known as the project management triangle, represents the relationship between scope, schedule (time), and cost, with quality at the center. Changes in one constraint often affect the others.

Why have resources and risk been added as constraints in project management?

Experts now agree that resources and risk are critical factors that can impact a project's success. Without proper management of physical resources, human resources, and the potential for risks, a project can fail.

What do physical resources and human resources entail in project management?

Physical resources include materials, infrastructure, and tools needed for the project, while human resources refer to the team members involved in executing the project.

How does the Iron Triangle affect the scope, cost, and schedule of a project?

If the scope of a project increases while keeping the cost the same, the schedule and quality are likely to be negatively impacted. The Iron Triangle highlights how these constraints interact and influence each other.

Why are changes in project requirements important to consider in terms of the six constraints?

When there is a change request or modification in the project, it can affect all six constraints. For example, a change in scope could increase costs, require more resources, introduce new risks, or impact the quality of the final product.

What is the key to managing these six constraints effectively as a project manager?

The key to managing these constraints is to balance and juggle them simultaneously, ensuring that no single constraint is given more attention at the expense of others.

What happens if a project manager prioritizes one constraint, like cost, over others?

Focusing too much on one constraint, such as cost, can lead to issues like missed deadlines, reduced quality, or insufficient resources, which can derail the project.

What role does risk play in the management of a project?

Risk refers to unforeseen events that can negatively affect a project. Proper risk planning is crucial to mitigate potential issues that could disrupt the project timeline, cost, or quality.

How should project managers deal with unexpected risks that may arise during a project?

Project managers should prepare for risks by planning ahead, identifying potential risks early on, and developing strategies to mitigate or address them as they arise. Risk management is an ongoing process.