The Project Management Triangle: Fast, Good, Cheap – Pick Two (and Why You Can't Have It All) - 2018-10-03

In the world of project management, there's a fundamental concept known as the "project management triangle" (sometimes called the "iron triangle" or "triple constraint"). It highlights the inherent trade-offs involved in any project. You want it fast, good, and cheap, right? Unfortunately, this is rarely, if ever, achievable.

The Three Sides of the Triangle

  • Fast: You need it done quickly, within a tight deadline.

  • Good: You demand high quality, meeting or exceeding expectations.

  • Cheap: You have a limited budget and want to minimize costs.

Why the Triangle Is Impossible (for Projects)

The project management triangle dictates that you can only ever have two of these elements at once. Here's why:

  • Fast and Good: If you want top-notch quality delivered quickly, it's going to cost you. You'll likely need to hire more resources, pay for overtime, or use premium materials.

  • Fast and Cheap: Getting something done quickly and inexpensively usually means sacrificing quality. You might have to cut corners, use less experienced labor, or accept a lower standard of work.

  • Good and Cheap: High quality at a low price requires time. Finding deals, negotiating effectively, and allowing for a longer timeline are essential.

The Investment Triangle: Fast, Easy, Sure – A Different Perspective

While the project management triangle focuses on execution, the investment triangle shifts the focus to returns. Here, the trade-offs are slightly different:

  • Fast: You want to see returns quickly.

  • Easy: You desire a hands-off, low-effort investment.

  • Sure: You seek guaranteed returns with minimal risk.

Just like the project triangle, you can only realistically choose two of these. Fast and easy often means higher risk (not sure). Fast and sure usually requires significant effort (not easy). Easy and sure typically means lower and slower returns (not fast).

Bridging the Gap: The "Sure" Factor in Both Contexts

While the triangles differ slightly, the concept of "sure" or "quality" is crucial in both.

  • Projects: Achieving "good" requires careful planning, skilled execution, and thorough quality control. This takes time and resources, impacting either speed or cost.

  • Investments: Achieving "sure" involves due diligence, understanding the business, and assessing risk. This also takes time and effort, impacting either speed or ease.

Navigating the Triangles

Understanding these trade-offs is essential for both project managers and investors. Ask yourself:

  • What are my non-negotiables?

  • Which two sides of the triangle are most important in this situation?

  • What am I willing to compromise on?

By acknowledging the limitations imposed by these "impossible triangles," you can make more informed decisions, manage expectations effectively, and increase your chances of success in both projects and investments.

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