Originally conceived as a framework to enable project managers to evaluate and balance the triple constraints of cost, time and scope, the Project Management Triangle, otherwise known as the Iron Triangle, quickly became the predominant measure of project performance. It helps improve design and planning decisions and assists in the effective control of the project during execution phase. At its core is the assumption that cost is a function of both time and scope. However, misguided or impractical trade-offs between these constraints can seriously jeopardise the success of the project even beyond the implementation stage. For example, Merrow (2012) found that 64% of oil and gas projects that failed to meet their initially set cost and time targets go on to experience “serious and enduring production attainment problems in the first 2 years of first oil or gas”. Usually, when a project experiences a large cost overrun, it overruns its schedule significantly as well – the Edinburgh Trams in Scotland being recent high profile examples (Railnews 2012). In a 2000 word document, appropriately structured as a report,
a) From a control perspective, Critically appraise the strengths and limitations of the triple constraint model
b) Discuss two planning and control methods adopted to manage one of the constraints of the Iron Triangle. Wherever possible and appropriate, please make reference to the practice in your own work environment or experience,
c) Evaluate the weaknesses and strengths of the methods of control used in your organisation and discuss the avenues to address the identified weaknesses.
b) Maximum word count of main text, i.e. excluding references is 2000 words. Please do not attempt to get around word count by using graphics or tables. At 1.5 spacing and 12 font-size, a Times New Roman document will usually come to about 7 pages for 2000 words.
c) Every figure or table used should be appropriately labelled and must be directly relevant to the context of the discussion. They must also be cross-referenced in the text. Please do not expect your reader to make sense of graphics on their own without any guidance from you the author.
d) Please use Harvard style, or variant of it for your referencing.
A table of Content
Lists of Figures. well labelled
they should included be in the report