The Analysis of the Iron Triangle and Agile - Essay Example

The cost used to set up a project should be realistic and should have returns. Every business or project management aims at making profits (output) and time and cost are the core factors for a profitable output (Beierwaltes).

On starting a project, one should first construct a WBS (work breakdown structure). A WBS consists of a schedule on how the project will progress and the time assigned to each task in the project. There are three constraints on a project, i.e., time, scope, and cost. The scope is the results that are expected from the project and the time constraint is the scheduled time to complete a given task. Cost is the primary constraint in the discussion because it is the amount of capital available for a company to complete its project successfully. The Cost must be budgeted at the beginning of a project, and it should have an excess. The reason is; if after a long period, there will be mismanagement of funds, then the excess capital will be used to complete the project.