In project management, there is a concept known as “the Project Constraint Model.” It is comprised of three key constraints: “Cost,” “Time,” and “Scope.” The diagram of them in a triangle shows their interdependence. The concept is that any adjustment in one area is going to have an impact on at least one of the others.
- The time constraint refers to the amount of time available to complete a project.
- The cost constraint refers to the budgeted amount available for the project.
- The scope constraint refers to what must be done to produce the project’s end result.
These three are essentially competing constraints: increased scope typically means increased time and increased cost, a tight time constraint could mean increased costs and reduced scope, and a tight budget could mean increased time and reduced scope.
If you need to finish a job sooner, you can throw more people at it, which, in turn, will increase costs. If you allow scope creep, then the time either has to be extended or the costs will have to extended. If your budget is fixed, then you can’t allow for additional tasks. And, in the context of renovation projects, you must account for the holding costs associated with the time under renovation.
So the issue is: which do you choose for each particular project? Your answers may vary!
Hermann says please like and share!
It is just like the old saying
“Good, fast, or cheap…pick 2”
Yeah, that’s it!
Projects on your home can seem so complicated, it’s good to be reminded of this.
My dad told me about my great uncle, who used to paint and hang wallpaper (when that was more of a thing). He would tell people who quibbled about the price or length of time a job was going to take “good, fast, cheap; pick two.” Sometimes they’d argue with him, and want good, fast, and cheap! He’d just shake his head and say “pick two.”
He also used to bring a sandwich in a paper bag for lunch but leave it in his truck. Sometimes people would invite him to join them for lunch. If it was something he liked, he’d say thank you and join them. If it was not appealing to him, he’d say no thanks, I brought my lunch and have his sandwich. It sounds like he was a real character!
These are great stories, Liana. Thanks for sharing them!
Doesn’t happen much in renovation projects, but time can also be a fixed constraint. One of my old politically incorrect mentors used to say, “You can’t throw nine women at the project and make a baby in a month.”