PART 2 | Why Do So Many eCommerce Projects Go Over Budget & Beyond Deadlines, The Triple Constraint

Welcome to Part 2 of our mini-series on "How to Plan and Execute Projects Closer to On Time and On Budget." In this episode, we’re diving deep into the Triple Constraint of Project Management - a fundamental concept that governs how projects are planned, managed, and executed. Whether you’re a seasoned project manager or just starting to learn the ropes, understanding the Triple Constraint is key to delivering successful projects.
Part 1 - Planning / Finding a Partner | • PART 1 | Why Do So Man...
Part 2 - The Triple Constraint | • PART 2 | Why Do So Man...
Part 3 - Pre-Discovery / Inititial Estimates | • PART 3 | Why Do So Man...
Part 4 - Discovery / Re-estimates / MVP Define | • PART 4 | Why Do So Man...
Part 5 - Execution / Implementation | • PART 5 | Why Do So Man...
Part 6 - Support / Ongoing Maintenance | coming soon
The Triple Constraint represents three interconnected factors: Scope, Budget, and Timeline (or schedule). These three elements work together in a delicate balance. Adjusting one almost always impacts the others. Let’s explore how this works:
Imagine you’re building a house. If you want it completed faster (shorter timeline), you might need to hire more workers or pay overtime (increasing the budget). Alternatively, you could reduce the features of the house - maybe delaying the addition of a pool or a second floor until later (adjusting the scope). This is the essence of the Triple Constraint: any change to one element impacts the other two.
In this video, we’ll break it all down:
What is the Triple Constraint? An easy-to-understand explanation of this core project management principle.
How Budget, Timeline, and Resources Interact: We’ll show real-world examples of how these factors influence one another.
Adjusting the Scope: Learn how reducing or phasing scope can help you save time and money without compromising your project’s ultimate success.
For example, consider a company launching a new app. If they decide to add more features to compete with rivals, it might take longer to develop, and they’ll need to allocate a larger budget. But if they focus only on core features for the first release, they can stick to their original schedule and budget, while saving advanced features for future updates.
Key Takeaways:
Balancing the Triple Constraint is crucial to project success.
A change in one factor - like speeding up the timeline - usually requires sacrifices in budget or scope.
Strategic decisions, like moving less-critical tasks to later phases, can help you keep your project on track.
We’ll also discuss:
The importance of aligning the Triple Constraint with your overall project goals.
Strategies to communicate changes with stakeholders effectively.
Real-life examples of successful Triple Constraint management.
If you’re juggling projects or just looking for ways to improve your team’s efficiency, this video is for you. Whether you’re managing a software launch, planning an event, or tackling a construction project, mastering the Triple Constraint will give you the tools to succeed.
Make sure to check out Part 1 if you haven’t already, and stay tuned for more episodes in this series where we tackle other key aspects of project management!
Don’t forget to like, comment, and subscribe if you find this content helpful. We’d love to hear your thoughts and answer any questions you might have in the comments below. Your feedback helps us create more valuable content tailored to your needs.
Narrated: Ron Halversen & RJ Stephens
Video: Ron Halversen
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Keywords:
Triple Constraint
Project Management Basics
Scope, Budget, Timeline
Project Planning Strategies
Time and Budget Efficiency
Adjusting Project Scope
Project Execution Tips
Stakeholder Communication
Project Management Mini-Series
Real-World Project Management
Watch now and take your project management skills to the next level! Let’s make every project a success story - on time, on budget, and within scope!