Cheap, Fast, or Good? The Triple Constraint of Project Management
When you start planning a new project you need to consider the three main constraints that apply to almost every project management scenario: price, deadline, and scope. Each aspect negatively constrains the other two. A low-budget project can rarely command the work hours needed to complete work within a short deadline. A complex project requires a more flexible budget and schedule. It is up to you, as project manager, to determine if your project needs to be “cheap, fast, or good.”
It’s not a good idea to bluntly ask a client if they want their project “cheap, fast, or good.” Most clients will insist that you deliver on all three. While it may feel intuitive to try and perfectly balance the constraints in your project plan, it is more effective to determine one primary constraint to address. The primary constraint in any project is the constraint that is the least flexible. As a result, the two constraints remaining must have the flexibility to compensate.
Let’s consider an example. In discussing a project you will be bidding on for “Big Company”, you notice that your contact frequently mentions the importance of “value”. This could mean that they are looking for the most affordable solution. With some further questions you determine that what the client means when they say “value” actually has more to do with the quality of the work than the price. The company has strict standards that must be met by this project. The budget and the deadline for the project are more flexible on this project to ensure that the standards required can be achieved.
So will your next project be cheap, fast, or good? If you haven’t determined which one is your primary focus you may find that one unexpected event can throw your entire project plan off. A project where all three constraints are inflexible can quickly become “expensive, late, and unsatisfactory.” Do your project a favor and determine the primary constraint early in the planning stages.
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