Speed, Quality, Cost - Meaning and use

The Speed-Quality-Cost Triangle is also known as the “Management Triangle” of the project (also called the triple constraint) which is a model of constraints in project management.

What is essential is to balance all three, so that performance is targeted for each. There is no point in improving speed by increasing costs or reducing quality.

It is also known as the "Application Triangle" or "Quality Triangle" and shows the inherent trade-offs of any project.

In the normal situation one of these three factors is fixed, and the other two will vary in inverse proportion to each other. For example, the time is often set and the quality of the final product will depend on the cost or resources available. Similarly, if you work at a fixed quality level, then the cost of the project will largely depend on the time available (if you have more time you can do it with fewer people).

Time limitation refers to the time available to complete a project. Cost limitation refers to the budgeted amount available for the project. The limitation of the scope refers to what needs to be done to produce the final result of the project.

You're probably wondering what to do when two of the points are fixed. Normally, this happens when costs are set and there is a deadline for delivery. Already here come the risks that if not carefully analyzed and verified can lead our project to critical stages and even failure.

For any process of operations, there are 3 categories of critical results: speed, quality and costs!

Speed ​​and quality are reflected directly to the customer and the cost is reflected in our organization.

Carefully analyze the three indicators and try to control them by different methods depending on the project and experience, and this will guarantee success on the three important directions: Speed-Quality-Cost !!