Answered: What is the project Triangle, its…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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What is the project Triangle, its importance, and how does the components relate to each other for a project? Explain how an increase in scope will impact the triangle?

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Step 1 - Introduction

A project can never just consist of a single component, constraint, or factor. It always has three fundamental elements named scope, cost, and time. These three elements together form a project triangle and the reason to call it a project triangle is that each of the three elements is interrelated to each other which together form a project as well impact it. So it can be said that the success or failure of the project is dependent on these three elements.

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