In our last class we discussed the three components of the project triangle, which are performance, time, and cost. While in class we took a vote to determine which of the three components would be considered the most valuable when working on a project. The Majority of the class came to the conclusion that performance would be the one that holds the most weight, but to our surprise, the correct answer was that all three components are just as valuable.
After the class concluded, I once again asked myself the question that was discussed in class and I started to recall my past experiences as a supervisor on how I dealt with prior projects. The first thing I remembered is that every time my team had a major project due, we would always find ourselves wanting or needing more time. Then I began to recall more information and got a little more in depth. I realized that we never had enough money for our projects; therefore I would find myself always asking for an increase in the budget in order to finish our project. Thirdly, I remembered how sometimes the quality of our final project would not be up to par with our standards but we had to make due with what we had.
I never viewed it that way in the past, but now since the professor explained it, it began to make a lot more sense. I realize that even though I was never given the textbook definition of the project triangle, in some way I was always trying to find a balance with those three components. I’m aware that with any project involving business there is always going to deadlines to meet, budgets to keep and quality that the overall business must achieve, and with any lack thereof of any of these components the project itself would suffer. It seems to me that the best managers are the ones that can learn to manage all three and work with what they got to achieve a successful project.
Whats your opinion? Do you think one component of the project triangle is more valuable than the other? If so, why?
I too thought performance would be more important than time and cost. However, it makes sense that it should be a balanced combination of all three. In order to perform well you need time and money. For a manager focus only on one would be inefficient and a disaster for the end project.
I think that so many people have initial reactions that tend to favor just one of these components because we see them as seperate entities when in reality they are all very closely linked to one another. In business and especially in operations management, it is difficult to isolate these three variables, as they all affect one another. One often cannot add to one side of the triangle without changing another in some way. A better product will add to time and cost. Reducing time will add to cost and/or alter quality etc. The magic in project management, in my opinion, is seeing whre all these things intersect and (because I am half ecoonomics major)finding where marginal costs and marginal returns of each point in the triangle intersect. A task achieved much more easily in theory.
Not favoring any specific component of the project triangle is great advice. I think finding balance in all projects (and life, really!) is the key to a successful completion. While it is very tempting to become one-track minded and focus on performance, considering time and costs are always going to help the project reach its greatest potential.
I think that balance in all three areas is essential to efficiency in any project. Our natural tendices as humans is to focus on one area where we feel the most pressure; not enough time, not enough money, or project specifications. Sometimes it is probably best to take a step back and make a balanced plan before begining to work on a project in an effort to ease stress in any one area.
I couldn’t have said it better myself. I agree that the three points of the project triangle are equally important and that most of the time the challenge is to find that balance. Although, I have never been apart of a large scale project, it makes sense that success depends on the interdependence of these three areas.
I am also in the same boat as you. When first asked in class, I thought performance was the most important part out of the three. I did not even question it because I did not even think that time and cost were even that closely related to performance when doing projects. But the more I thought about it and saw how closely the three related, I now see that the most important aspect of the project triangle is the balance of the three. Like others have said, if you put more time and money into the project the performance will be better. If you go for more money saving ways, your performance will fall and will have to put in more time in order to finish the project. If you go for the more speedy production, your costs and money will go up in order to do so.
I really enjoyed reading your informative and factual blog because you related it what we discussed in class and back to a real life experience. I am sure most people who don’t have the “experience” or the exposure to project management appreciate examples. I myself have six years of work experience and management. I can relate to your situation, because I too found myself juggling between performing, deadlines, and budgeting. Before becoming a manager I saw a lot of business fall and grow. So, I knew that essentially all three components were interchangeably related. Learning and reading about it in textbooks just gives it even more validity.