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Iron Triangle...do I need to know what that is?
Understanding the 3 main elements of any project = success
If you’ve ever heard of a renovation project going bad, you’re already aware of all the reasons why a project can suffer…or are you? We’ve all heard the complaints...
After hearing it all over and over, it is easy to lose faith; that there isn’t a contractor who can do the job right. Contractors and homeowners mean well. They all want to get the job done properly, on-time and on-budget, etc. So, why do so many people have such bad experiences?
The answer is in the triple constraints model…but, what is the Triple Constraints Model anyway?
The Triple Constraints Model describes how different elements of the project relate to one another. These relationships are bound together in such a way that one cannot change without affecting the other. For this reason, the model is commonly referred to as the Iron Triangle, but what are these elements?
Schedule/Time
This refers to the amount of time it will take to bring a project to completion. Naturally, the amount of time it takes to create your dream space will directly affect the cost and/or scope of the project. Factors considered here might be the contractor’s available manpower, a family vacation or holiday etc.
Cost/Resources
The amount of money it will take to bring it all together. The cost takes factors into account like resources, risk, manpower etc.
Scope/Quality
These are the features that make up the project. What are the specifics of your dream space? A factor of this element can be the level of quality distributed to the components that make up your dream space.
These three elements of Time, Cost and Scope are so bound that one cannot change without affecting the other elements.
. . . the reason for the name:
IRON triangle.
For example, let’s say you have some relatives coming in a month but need to get your dream space prepared in time for them. This fast-paced project might require more manpower than the same project without the time constraints. This added manpower produces a higher risk factor for the contractor as well as a need for additional management.
You can see how cost is quickly affected by squeezing a project into a tight timeframe.
In another example, let us say you have a kitchen that needs new cabinets, but your budget is very tight. The time it takes to install cabinets doesn’t change because the budget is tight but what can change is the price-point or quality level of the cabinets installed which ultimately helps to meet the tight budget constraints.
Again, you can see how the quality or scope of the job can directly affect the cost.
So . . . how does our understanding of this model make your project a success?
When both the contractor and the homeowner acknowledge how these three elements of the project work interdependently, each will properly define the scope together. The customer and contractor will agree upfront on the amount of time and money a project will require. When changes in scope arise, there is less room for hidden costs, or unforeseen changes in schedule. Workers will be better equipped to create a high-quality product.
Everyone wins!
The contractor makes a reasonable profit and the homeowner gets their dream space exactly as promised.
The savvy homeowner who understands and applies the Iron Triangle will blast the presumption of others who say, “there’s no such thing as a good contractor.”
The contractor will now benefit from all the referrals this happy, new customer is giving out.
Both the contractor and homeowner begin a new relationship and build happily thereafter.
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