Every project has a
- Budget and
This is what differentiates them from routine/regular business. Project management literature calls this trinity ‘the triple constraints”.
This trio also serves as a success measure. Truly successful projects deliver what is required, within the budget and on time.
I also believe the Trinity is in good company when Quality and Integrity butt in.
Some trade-offs might be necessary between the scope, budget and time. If the sponsor or client want a closer launch date of the product/service, additional resources and reduced scope might be necessary.
Sometimes, the project manager will have to have the courage to say No to trade offs. Saying No at the right time to anything which risks creating a scope creep is a project’s manager duty. It can be No during the design phase, before the commitment. It can be No during the implementation phase, when the client’s appetite increases. This requires some business acumen.
In the business world, some use the “law of two-thirds” to decide the trade-offs. It offers criteria for decisions about what will define a product or organization (inspired by Tyler Kleeberger, A Technique for Deciding When to Say No, Medium, published on Medium, January 2019). Essentially, you can’t do everything so what should you do? It will not surprise you that the three criteria are (again):
You must consider all three, but you can only choose two. For example, a manufacturer wants to deliver quality and wants to be fast? Then the products are likely going to be more expensive. A business desires to offer its services at low prices, but also wants to maintain quality? Then, it is likely that the speed is going to be reduced. Those who want something that is fast and cheap will have to compromise on quality.
It will be important to keep an eye on the perspective and the short, medium and long-term benefits, along with a good risks management strategy. I would never compromise on integrity though.
It takes humility, strength, and fortitude to acknowledge your project’s, your team’s and your own limits. It also takes visions and leadership to choose and to focus on priorities. It is not unusual for me to ask my colleagues and my client: “So what are the 3 big things this project shall deliver?”.
image credit StamfordGlobal, 2008.