Project Triangle (also known as "project management triangle") is a project management approach that regards the constraints of time, cost and scope (quality) as the sides of a triangle to help personnel effectively balance the limitations and demands of a project. It proves dependency between the constraints and identifies how they linked to each other.
The approach assumes that if one of the constraints changes, the other two constraints change as well. The sides of the triangle move according to the value of change made to the constraints, and thereby the balance between the constraints remains. Project triangle makes it possible for project managers to keep their projects under a certain price, within required scope, and within expected time limits.
There are three typical scenarios of how the constraints can be changed. These scenarios are:
- Scope: an extension of project scope entails an adequate increase of time and cost.
- Time: a shortened project schedule results in increased costs and reduced scope.
- Cost: a tight budget entails schedule extension and quality requirement reduction.