What is the iron triangle?

In project management, there are three constraints comprising the iron triangle:

1. Time: the project schedule or deadline

2. Cost: the budget or resources allocated for the project

3. Scope: the goals, deliverables, and features of the project

The idea is that these three factors are interconnected, and changes to one side of the triangle will impact the other two sides. For example, if the project scope is expanded, this may increase the cost and extend the project timeline. Alternatively, if the project timeline is shortened, this may increase the cost and require changes to the project scope.

Achieving all three sides of the iron triangle in a project (i.e., completing the project within the specified timeline, budget, and scope) is an ideal scenario, but it can be challenging to achieve in practice.

While it is possible to achieve all three sides of the triangle in certain projects, in many cases, there may be trade-offs between them.

Overall, identifying and managing key project drivers is essential for project success. Key project drivers are the factors that are most critical to the success of a project. Effective project management requires careful attention to these drivers throughout the project lifecycle to ensure that project goals are met or exceeded.

The goal of project management is to effectively balance these three factors to achieve project success. This requires careful planning, communication, and management throughout the project lifecycle. Project managers must work to ensure that any changes to one side of the triangle are properly assessed and communicated to stakeholders and that adjustments are made to the other sides of the triangle as needed to maintain balance and achieve project goals.