Theory of Golden Triangle and Role of Leadership in Project Management : Essay

Project Management
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Table of Contents
INTRODUCTION ...............................................................................................................................3
ESSAY TOPIC 1...................................................................................................................................3
a. The theory of golden triangle ......................................................................................................3
b. The role of leadership in project management.............................................................................5
CONCLUSION....................................................................................................................................8
REFERENCES.....................................................................................................................................9
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INTRODUCTION
Project management is prove to be the most effective technique of delivering services to the
customers within time, cost and resources constraints. It is focus of planning and organizing a
project and related resources (Monnappa, 2012). Along with this, it is also including determining
and managing life-cycle of a plan, adopt customer centric design approach, building of project team
and guide them until the completion of the project. With the help of project management, the
companies can ensure that the vision and goals of the plan are well maintained and help in
achieving the major deliverables of the work (Matur, 2016). Additionally, it assists in avoid the risks
from the action plan and optimum utilize the resources. The present essay is relating to project
management and under this, the various objectives will be cover which are theory of golden triangle
and role of leadership in project management.
ESSAY TOPIC 1
a. The theory of golden triangle
In project management, the golden triangle is also called project management triangle, triple
constraint or the iron triangle. In this, the three attributes shows on the corners of the triangle which
are cost, schedule and scope. During the study of this model, I have learned that it is use to analyse
the goals of a project and define that project management success can be measure by ability of
project team to manage the work (Project Management Triangle, 2016). On the basis of this, the
expected outcome can be get by managing cost and time. While working on the different projects, I
have experienced that projects should be execute and deliver under certain limitations such as time,
cost and scope.
Time constraint define the available time to complete the work and cost constraint means
available budget for the project. The scope constraint means what activities needed to be done to
achieve the outcome of the work (The Project Triangle, 2016). So, from these, I have learned that
there three limitations are depending on each other. The changes in one of them can affect the other
two. For example increase scope means increase cost and time. The fixed time constraint means
increased cost and reduced scope. Therefore, with the use of project management triangle, the
managers can understand and analyse the difficulties that may be arise at any stage of the project
either in project execution or implementation (Project Management Triangle, 2016). From the
studies of the various articles on golden triangle, I have analysed that it shows the relationship
between the three primary forces in a project.
The three constraints
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Time
As per the my perception, for analytical purpose, the time is require to deliver the outcomes
that have already been estimated with the help of several techniques. For example, Work
Breakdown structure helps in divide the large task into the small activities and set into the groups.
For this, the time frame for each sub task can be easily allocated and on the basis of this, the overall
completion time of the work can be estimated (Ogunlana, 2010). On the other hand, I have learned
that with the help of time constraint, it becomes easy to prioritize the activities according to the
available time span. Along with this, the dependencies between the tasks can be easily define and
this information helps the scheduling of the project plan and its proper documentation. Although the
dependencies between the activities may put the impact on length of entire action plan and
availability and use of the resources to complete the project (Ebbesen and Hope, 2013). For this, the
time of each activity can be vary according to it.
After the study of Project Management Body of Knowledge (PMBOK) concept, I have
learned that time constraint is needed to manage because it may affect the project completion time.
So, with the help of Project Time Management Process, the duration of project plan activities can be
estimate and finish the work within the given time slot (Adak and Yumuşak, 2013). In the other
words, the time is a vert crucial factor that is completely uncontrollable. So, if the project manager
is unable or failure to achieve the deadline of the project than it can create adverse effect on the
entire work. Therefore, from the above discussion, I have leaned that a project can either take
longer or shorter time to complete and it has affected by the various factors such as a number of
people involve in the work, experience, competencies, skills etc (Azimi and et.al., 2011). Most of
the time, time has the major constraint of failure of the projects.
Cost
To complete any kind of work, an appropriate budget is require because without it, it is not
possible to buy the resources for meet the deliverables. In the previous time, I have worked on
different construction projects. On the basis of this, I have learned that the project cost is depending
on the several variables like wages rate of labours, budget to buy the resources etc (Burke, 2013). At
the time of estimating the cost of the various things, fixed and variable costs, economic cost which
cover productivity and skills of the workers has to be consider and make the calculation on the basis
of this.
As per my experience, there are three cost process areas: cost estimating, cost budgeting and
cost control. Cost estimation means approximation of cost of different resources which are require
to complete the work (Colin and Vanhoucke, 2014). On the other hand, cost budgeting can be define
as estimation of costs of various resources, packages of work and activities to set a cost baseline.
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