Unpacking the Iron Triangle

The Iron Triangle is one of the most important project management concepts. Many know it. But do we respect it? Let’s unpack it.

Every exhibition project is defined by a triangle: scope, time, and cost.

> Scope is what you’re making.

> Time is how long you have.

> Cost is how much you can spend.

The iron part: you can’t change one without changing the others. Or, as they say, “Fast, cheap, or good. Pick two.”

If you increase the scope (more media, more complex vitrines), you have to increase the time, or increase the cost, or both.

If you reduce the cost, you have to reduce the scope, or increase the time, or both.

If you reduce the time, you have to reduce the scope, or increase the cost, or both.

Something has to give. And that is the problem. We know the Iron Triangle. But we quietly act like it doesn’t apply this one time.

Yet it always does.

Here’s the thing:

We can’t bend the Iron Triangle. Something has to give.

Our job is to help decide what.

Warmly,
Jonathan

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MtM Word of the Day:
Project manager, or PM. A person who oversees the planning, execution, and completion of a project. PMs ensure that projects meet scope, budget, and timeline expectations. They coordinate teams, communicate with stakeholders, manage risks, and solve problems from concept through installation.