WHAT IS THE MAGIC TRIANGLE IN PROJECT MANAGEMENT?
The success of a project depends on many factors. The project manager has the task of balancing different variables so that customers and stakeholders are satisfied. The magic triangle is an aid in this process.
concept of the magic triangle
A project is influenced by many variables from the beginning. The Magic Triangle tries to visualize this interaction. The three magic variables are:
- cost
- time
- quality (or performance)
These are defined at the beginning of a project and built upon. When one variable changes, it affects the others. For example, if the cost item changes, it will affect the time and quality. Then the other factors must be adjusted to compensate for the other.
Magic Variables of the Magic Triangle
cost
How much budget do I have available?
This dimension provides information about the financial effort and the available budget. In order for the project to be a success, this should be set at the beginning and not exceeded.
time
How much time is available for the project?
The variable time stands for the time planning and important cuts. But also the start and end date of the project is defined here.
quality or output
What quality should the result of the project have?
The goals that are to be achieved with the project are recorded. The goals should be discussed with the whole team as well as with the stakeholders.
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