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Project management triangle. The project management triangle (called also the triple constraint, iron triangle and project triangle) is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. [1] It contends that:
Management process – is a process of planning and controlling the performance or execution of any type of activity. Process – ongoing collection of activities, with inputs, outputs and the energy required to transform inputs to outputs. Project – A temporary endeavor undertaken to create a unique product, service, or result.
According to the Project Management Institute, a business case is a " value proposition for a proposed project that may include financial and nonfinancial benefit." [4] Business cases can range from comprehensive and highly structured, as required by formal project management methodologies, to informal and brief.
The point of total assumption ( PTA) is a point on the cost line of the profit-cost curve determined by the contract elements associated with a fixed price plus incentive-Firm Target (FPI) contract above which the seller effectively bears all the costs of a cost overrun. The seller bears all of the cost risk at PTA and beyond, due to a dollar ...
A Bidder Conference reflects the project owners’ intentions that all vendors have an equal understanding of the project’s requirements and the procurement processes before they submit their offers. This ensures that the bidding process is fair to all parties involved. Typically, before RFQs (Requests for Quotation), such as RFPs (Requests ...
A cumulative flow diagram is a tool used in queuing theory. It is an area graph that depicts the quantity of work in a given state, showing arrivals, time in queue, quantity in queue, and departure. According to the Project Management Body of Knowledge (7th edition) by the Project Management Institute (PMI), Cumulative Flow Diagram (CFD) is a ...
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