(BADM633) - Balancing Scope, Time, Cost, and Quality in Project Manage

Running head: 1
Anuj Vyas
Department of Project Management, University of Cumberland
BADM633 - M20 Planning the Project
Dr. Evelyn C. Paschal, PhD, PMP & CSM
May 20th, 2023

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Introduction
In project management, there are four variables or constraints that must be balanced
against stakeholder needs and project goals in order to achieve project success (Watt, 2014).
These variables are commonly known as the project management triangle or the iron triangle,
and they include scope, time, cost, and quality. The scope is like a big bubble around a project
that shows what needs to be done to make the project successful. It tells everyone what's
included in the project and what's not. This is important so that everyone knows what they need
to do, and it helps make sure that everyone is working towards the same goal.
Time refers to the duration of the project and the timeline for completing the work. Time
is important because it defines when the project needs to be completed and provides a deadline
for the project team to work towards. It helps to make sure the project gets done on time and the
way people want it to.
Cost refers to the budget or resources that are required to complete the project. This
includes the financial resources, human resources, and materials that are needed to deliver the
project. The cost is how much money we need for a project. It's important because it helps us
know how much we can spend and make sure we stay within our budget.
Quality refers to the standards and expectations that stakeholders have for the project's
deliverables and outcomes. Making sure something is good is really important because it makes
sure people are happy with what they get and that the project does what it's supposed to do. This
helps the project be successful.
The four variables or constraints are related because they are interdependent and affect
each other. For example, If we want to do more things for the project, it might take longer and
we might need more things, which could make the project more expensive. Similarly, if the