The traditional Pm Triangle is derived from traditional project success factors, critical success factors are additional variables used to measure project success. The PM Triangle application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project. For a project to be successful the Triangle scope, time and cost must remain in proportion to the other side. Project management triangle has been a tool relied upon project management for decades. It has taken many shapes to help communicate the complexities of a project.
The tradition PM Triangle consists of time, cost, and scope. The amount of time it takes to complete a project, the overall budget of the project, and the goal of the project that must be completed to satisfy the project. The triangle is drawn as an equilateral triangle which indicates all size is the same. This indicates that any changes to time, Example increase time towards the project has an effect on cost and scope. This will require a change in cost to pay more employees for the extra time and these changes the overall scope view of the project. The initial triangle represents the concept that when all of the known cost, time, and scope constraints are working together the desired project quality will be successfully achieved (2008).
The project scope defines the system and determines its behavior of the project, how the work will be accomplished (Russell W. D., John M. P, 2010). Events do occur that require the scope of the project to change for example a changes in a supermarket may require changes in a product design or the timing of the product delivery.
Project success often includes completing the project on time. Completing the project on time requires the development of realistic time and the effective management plan. Project team develops a work breakdown structure for more detail scheduling. This defines the project by dividing the project into major subcomponents which are subdivided into more components (Jay.H, Barry R. 2010). The division of the project into smaller and smaller components can be difficult, but critical to managing the project and to scheduling success. Developing and controlling a project budget that will accomplish the project objectives is a critical project management skill. This provides a means of controlling the consumption of budget across time (Russell W. D., John M. P, 2010). One responsibility of a project manager is to identify which of the three constraints is most important to the project. For example, to have the product out the door by a specific date or to have the project complete within a certain budget. The project manager is responsible for developing a project quality plan that defines the quality expectations and assures that the specifications and expectations are met. The quality plan is created early in the project because decisions made about quality can have a significant impact on other decisions about scope, time, cost and risk (Carsten H 2010). Human Resource consists of staffing the project with the right skills, at the right place, and at the right time is an important responsibility of the project management team. According to (), having motivated team members is the best interest of the project, the project manager, and the organization. According to Russell Darnall and John Preston (2010), the top ten reasons why project fails are due to the lack of communication. Team work requires good communication among team members. Good communication would indicate team meetings discuss issues about the project or questions regarding project.
Risk exist in all projects it’s important for project managers to understand the kinds and levels of the risks on the project. Project managers then need to develop and design plans to mitigate those risks. Project managers treat risk management as a dynamic part of a project