Project Management The Iron Triangle Of Cost, Time, And...

Historically, project success has been directly tied to the Iron Triangle of cost, time, and quality. While most of the articles reviewed for this study refer to these standards for success criteria, the overwhelming majority find that they are not enough to fully define what success is. Atkinson (1999) defined two types of errors in project management and places using the Iron Triangle as success criteria into the category of not doing something as well as it could be done. This comes from an understanding that projects that meet cost, time, and quality requirements can still be considered failures while projects that run over on cost and time can still be considered successes (Belassi Tukel, 1996; Dvir Shenhar, 2003). Anton de Wit (1988) found that success is time dependent and that a project may be perceived a success one day and a failure the next. Many researchers have made an important distinction between project success criteria and success factors. Typically, success criteria are defined as result areas and success factors are defined as organizational areas (Westerveld, 2003). Furthermore, the terms are used to differentiate between project success and project management success (Cooke-Davies, 2002). In general, researchers believe that making a clear distinction between factors and criteria will lead to increased project success (Munns Bjeirmi, 1996). This can also be looked at as the difference between efficiency and effectiveness, which are oftenShow MoreRelatedProject Management : The Iron Triangle1620 Words   |  7 Pagessurrounding, project management has turned into a key concept to implement and comprehend projects attempted by every one of the organizations. Before being able to understand that the project management triangle or The Iron Triangle is, a definition of project management is necessary. According to Lewis, scheduling, arranging, and controlling of exercises that have been undertaken to meet project targets is defined as project management. The main objectives that need to be satisfied are cost, quality, andRead MoreBeyond the ‘Iron Triangle’: Stakeholder Perception of Key Performance Indikator (Kpis) in Large-Scale Public Sector Development Projects941 Words   |  4 PagesBeyond the ‘iron triangle’: Stakeholder perception of key performance indikator (KPIs) in large-scale public sector development projects Objectives This research has objectives to investigate the perception of the key performance indicator (KPIs) in the context of large construction project in Thailand (Second Bangkok International Airport or Suvarna bhumi Airport). The research attempted to achieve the following objective: 1. The significance of key performance indicators in perspectiveRead MoreClassical And Classical Project Management1473 Words   |  6 PagesProject management changes continually with the increasing uncertainty and complexity in contemporary projects, which makes classical project management become fall out with the times. According to Atkinson (cites in Cicmil Hodgson, 2006) traditional project management uses time, cost and scope of plan as a major standard in a project, which is called iron triangle principal. Both Cullen Parker, (2015) and Ã…  pundak (2014) mention that although the classical still can be applied to all projectsRead MoreWhat Is Project Success From My Perspective?1287 Words   |  6 PagesHow to define project success from my perspective? In recent decades, a set of issues have been triggered by the fact concerning how to define project success. Some claim that the traditional views are still suitable to define project success, such as under budget, within schedule and acceptable quality. These traditional criteria are well-known as â€Å"Golden Triangle† or â€Å"Iron Triangle†, which has been used to assess project success over several decades. However, these criteria have been criticisedRead MoreKey Elements Of Project Success Essay1787 Words   |  8 PagesThis constraint constructs a triangle with geometric proportions illustrating the strong interpedently relationship between these factors. If there is requirement to shift any one of these factors then at least one of the other factors must also be manipulated. 3.0 Discussion of Triple Constraints Most scholars have accepted generally the triple constraints as key elements of project success. If one of these three constraints get reduces it will have an impact on the other one, balancing betweenRead MoreA Big Success For The People Of Australia And At The Same Time Essay1786 Words   |  8 Pagesnitially planned. But the project was a big success for the people of Australia and at the same time a big failure from the project management point of view. But nobody remember the missed objectives. On the other hand, the Millennium Dome in London was a project completed on timThis constraint constructs a triangle with geometric proportions illustrating the strong interpedently relationship between these factors. If there is requirement to shift any one of these factors then at least one of theRead Moreproject success: success factor and success criteria Essay2754 Words   |  12 PagesAN ESSAY ON PROJECT SUCCESS DEFINED BY SUCCESS FACTORS AND SUCCESS CRITERIA by M. Shaw Success consists of going from failure to failure without loss of enthusiasm       Winston Churchill INTRODUCTION 1. Since the 1960s there have been an increasing number of Project Management scholars that have expressed concerns regarding the ways to manage the success or failure of a project. Crawford (2000) theorised that there are two major avenues of thought in this area being: how successRead MoreThe Importance Of A Project Manager With Gibbs Reflective Cycle ( Gibbs ) Essay1029 Words   |  5 PagesIn this report here I will try to highlight an event during my time as a Project Manager with my present organisation in 2013. I will be analysing the event in line with Gibbs’ Reflective Cycle (GIBBS, 1988), as per the diagram below. Figure 1 Gibbs Reflective Cycle(GIBBS, 1988) 2. PD REFLECTION Background Before I undertook the job as a Project Manager at my present organisation, I had been working as a Mechanical Engineer in the Oil Energy sector for nearly six years. My current organisationRead MoreProject Management Methodology Is Optimal Continues1648 Words   |  7 PagesIntroduction Emerging evidence seems to indicate the debate over which project management methodology is optimal continues. Agile approaches which include Iterative and Adaptive models (i.e. Scrum) are at one end of the spectrum. Traditional approaches which includes Linear and Incremental models (i.e. Waterfall) at the other end. With a growing demand to deliver quality products in rapidly changing global market, project managers are required to be creative in their selected approach. Which methodologyRead MoreProject Success And Success Criteria1376 Words   |  6 Pages2.4 Project Success and Success Criteria The idea of the project success and its criteria has remained vague, due to the wide perspective it carries (Liu and Walker, 1998). Project success has always been seen as an abstract notion, thus it is very complex to determine if a project is a success or not (Chan et al, 2002). Thus, the criteria for measuring the project’s success are normally agreed and accepted by all parties, before beginning the project. Else, it is hard to control the trajectory