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Later, he expanded quality with performance, becoming CTP. It is understood that the area of the triangle represents the scope of a project which is fixed and known for a fixed cost and time. In fact the scope can be a function of cost, time and performance, requiring a trade off among the factors.
Construction management (CM) aims to control the quality of a construction project's scope, time, and cost (sometimes referred to as a project management triangle or "triple constraints") to maximize the project owner's satisfaction.
Common among all the project management types is that they focus on three important goals: time, quality, and cost. Successful projects are completed on schedule, within budget, and according to previously agreed quality standards i.e. meeting the Iron Triangle or Triple Constraint in order for projects to be considered a success or failure. [21]
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Cost overrun – is defined as excess of actual cost over budget. Scope creep – refers to changes in a project's scope at any point after the project commenses. This phenomenon can occur when the scope of a project is not properly defined, documented, or controlled. It is generally considered a negative occurrence that is to be avoided.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Cost variance (CV) is a "The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost." [19] Cost variance compares the estimated cost of a deliverable with the actual cost. [20]
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The planning, monitoring and control of all aspects of the project and the motivation of all those involved in it to achieve the project objectives on time and to the specified cost, quality and performance. [3] Process is an ongoing collection of activities, with an inputs, outputs and the energy required to transform inputs to outputs.