What does the golden triangle of project management consist of?

The golden triangle of project management, also commonly referred to as the triple constraint, consists of cost, schedule, and scope. These three dimensions are interconnected; changes to one can significantly impact the others.

Cost refers to the budget allocated for the project, including resources, materials, and labor. Schedule pertains to the timeline and deadlines for project milestones and overall completion. Scope defines the work required to deliver a product, service, or result with the specified features and functions.

Understanding these elements is crucial because project managers must balance them effectively to achieve project success. For instance, if a project's scope increases, it might require more time and resources, thus affecting the overall cost and schedule. Conversely, if the budget is cut, the project might need to reduce its scope or extend the timeline to meet the financial constraints. Mastery of these three aspects helps managers ensure that they can deliver a project that meets stakeholders' expectations while adhering to necessary limitations in budget and time.