Pmbok Iron Triangle Theory

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Abbreviations

• PM – Project Management.
• BOKs – Bodies of Knowledge.
• APM – Association of Project Management.
• PMBOK - Project Management Body of Knowledge

Introduction

The use of term Iron Triangle in the project management is very common in order to maintain their daily constraints of the project although, it is not very accurately represent the Project Management process but still the managers who are managing the project uses this technology to maintain their constraints across the globe.
This literature review survey has evaluated the various researches of the different researchers who was trying to figure out why people still uses the same iron triangle theory even if it is not very accurate. For last 70 years the project cost
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Most of the organizations are not indulged in the lesson learning theory and many are indulged in the partially lesson learning theory. It is observed that most of the time projects failure and success is very rarely analyzed. APM includes many of their key actions in their BOKs.
• Preparation and dissemination of lesson learned are mostly defined in the communication management plans.
• Review of the post project should be a part of the project control process.
• Audit trail for the information should be added to support the lesson learning process.

Defining: Triple Constraint Theory

Mihai Zebres in 2012 Stated that the Triple constraint model or iron triangle represent the cost or the budget which is need to complete the project, the time that is needed to carry out the whole process of project modelling and the
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This hexagonal constraint model has six legs determines six different constraints that are Quality, scope, budget, resources, risks and schedule and in addition to that this model also covers the parameter of customer satisfaction as well.

Value Triple Constraint Model (VTC)
Angello baratta came up with the new advanced model of iron triangle and named it as the value triple constraint model. Figure 3
The value triple constraint model covers the 5 main elements of project management where value = f (scope, capability) and the main 5 elements of the value constraint model are
1. Project benefit.
2. Identification opportunity cost.
3. Decision opportunity cost.
4. Project schedule cost.
5. Project delivery cost.
Angello made this model so that the exact and hidden cost of the project must be pre-calculated before approving the project so that the chances of the project failures should be very
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