Manage projects with the magic triangle
The magic triangle in project management enables a better overview and helps planning more efficiently. Attention must always be paid to the interaction of the three main factors so that the parameters do not fall into an imbalance. What is meant by a magic triangle and how is it constructed?
What is meant by a magic triangle?
A magic triangle is the interaction and dependency of the three factors: scope of services, time and costs. If one of these variables changes, it always has an impact on the other two.
In project management, the triangle shows the parameters that determine a project and its success. These three goals are represented by the vertices of a triangle. In order to achieve the project goals, a change in one factor must be compensated for by an adjustment in the other factors.
How is the magic triangle used in projects?
At the beginning of a project, many factors must be defined that influence the success of the project. The magic triangle is a form of visualization that is intended as a model to illustrate the interaction of these factors. As a project manager, this makes it easier for you to understand what effects changing one size has on the other parameters.
The main influencing factors in a project are always the same: the scope of services, the time factor and the costs incurred. Looking at them in this order makes sense because they build on each other.
Scope of services
At the beginning of a new project, the scope of all tasks must be determined before the time required and the resulting costs can be measured. The scope includes all tasks that must be completed to achieve the project goals.
Project management tools for production planning and further training - which ones can you think of? …
Time
The time factor stands in the magic triangle for the project duration and includes the start and end of the project as well as all deadlines that have to be met and that structure the project.
Cost
The cornerstone of costs in the magic triangle is the budget that is set before the start of the project and should not be exceeded.
How do I use the magic triangle for myself?
The magic triangle can be used in several areas. Above all, it serves to provide clarity, which can ensure forward-looking planning. This allows specific requirements and risks to be identified at an early stage.
The magic triangle also serves as common communication and thereby improves the achievement of the goal, as goal-oriented factors can mesh better.
As an example, a family building a house can be presented as a project:
A family commissions a construction company to build a single-family home (corresponds to the scope of services). A fixed budget was calculated that should not be exceeded, otherwise the monthly costs would not be affordable (corresponds to the cost key point). The house should be completed in a few months because the family has already canceled their rental apartment and would like to move into the new home as soon as possible (corresponds to the time factor).
Since construction progress tends to be delayed due to the weather, the family has to hire more skilled workers to ensure that completion stays on schedule. Since this takes up more of the budget, the family has to switch to cheaper brands for the interior design and carry out some of the work on their own.
With the magic triangle, it is important that all three beneficial factors always remain in balance. If only one parameter of the triangle is changed, this affects all other parameters.
It is important to stay up to date throughout each project in order to To be able to find a suitable solution as quickly as possible to change the situation so that the balance is restored can be. If you stick to this, nothing should stand in the way of a successful project.
