Success in project management has been traditionally associated with the ability of the project manager. The “iron triangle” is a very popular symbol stating that projects must be delivered to the triple constraints of time, cost and quality .
The Iron Triangle depicts that project manager has to deliver the project on time to the customer’s specification (quality) within the agreed time and budget constraints. This is always not true. It happens sometime the PM delivers the project according to the stated requirements but customer considers it as failure. He thinks that the delivered product will not add any value to his business.
The Triple Constraint gives you an opportunity to adjust between different aspects throughout the course of the project. For example, if you’re running behind schedule, you can work to reduce the features of the project. That’s reducing scope. Then you can dedicate more resources to moving the schedule ahead. That’s increasing cost. You can also, if possible, change the due date to give you more time. All these scenarios are applying the Triple Constraint for managing the project .