Project Management The Iron Triangle - 1620 Words

In 21st century’s enormously competitive business surrounding, project management has turned into a key concept to implement and comprehend projects attempted by every one of the organizations. Before being able to understand that the project management triangle or The Iron Triangle is, a definition of project management is necessary. According to Lewis, scheduling, arranging, and controlling of exercises that have been undertaken to meet project targets is defined as project management. The main objectives that need to be satisfied are cost, quality, and time, while parallel not losing control of the scope of the project at the optimum level. (1995, p. 2). According to Lamers, the genuine image for the project management task is the iron triangle which adjusts triangle’s judgment of the project will be achieved by the three corners speaks to the three essential perspectives scope, cost, and time. (2000, p. 327). This essay has been written to provide focused informatio n on project management triangle’s parameters cost, time, and scope. To gain success in a project and for its successful smooth completion in a timely manner requires standard scheduling tools and techniques to be applied and used in industries. In this essay, some standard project management tools and techniques such as Critical Path Method, Primavera Project Planner, and The Pentagon Model will be discussed. The iron triangle each parameter is very important to get the success of the project. This essayShow MoreRelatedProject Management : The Iron Triangle Of Cost, Time, And Quality907 Words   |  4 PagesHistorically, project success has been directly tied to the Iron Triangle of cost, time, and quality. While most of the articles reviewed for this study refer to these standards for success criteria, the overwhelming majority find that they are not enough to fully define what success is. 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