If it’s cheap and good, it won’t be fast. If it’s fast and good it won’t be cheap, right?
In the realm of project management, there’s a well-known saying: “Fast, good, cheap – pick two.” This concept, often visualised as the ‘project management triangle’, illustrates the trade-offs inherent in any project. The triangle’s three vertices represent time (fast), quality (good), and cost (cheap). The principle suggests that it’s challenging to achieve all three simultaneously; prioritising two often means compromising on the third.
The project management triangle, also known as the ‘iron triangle’ or ‘triple constraints’ posits that:
- Fast and Good: Delivering a high-quality project quickly typically incurs higher costs due to the need for additional resources or expedited processes
- Good and Cheap: Achieving high quality at a low cost often requires more time, as the project will proceed at a standard pace without costly accelerations
- Fast and Cheap: Completing a project quickly and inexpensively usually results in lower quality, as there isn’t sufficient time or resources to ensure excellence
This model underscores the necessity of balancing these three constraints to maintain project quality. Adjusting one element impacts the others.
So, how does this relate to us at Smith?
We recognise the importance of this balance and strive to deliver projects that align with our clients’ priorities without compromising on quality. Here’s how we approach the project management triangle:
- Collaborative Planning: We begin by engaging to understand specific goals, timelines, and budget constraints. This collaborative approach ensures that we set realistic expectations and develop a project plan that aligns with priorities.
- Prioritises Quality: While we are mindful of time and cost, we believe that quality is paramount. A project that is fast and cheap but fails to meet quality standards can harm a brand’s reputation and long-term success. Therefore, we focus on delivering excellence in every project.
- Transparent Communication: We maintain open lines of communication throughout the project lifecycle. If adjustments are needed – be it in scope, timeline, or budget – we discuss these changes transparently, ensuring clients are always informed and involved in decision-making.
- Efficient Resource Management: By leveraging our experienced team and proven processes, we work efficiently to maximise value. This approach allows us to deliver high-quality results within agreed timeframes and budgets.
In conclusion, while the ‘Fast, good, cheap – pick two’ triangle highlights the inherent trade-offs in project management, at Smith, we strive to find a harmonious balance. Through strategic planning, a commitment to quality and transparent communication, we deliver projects that not only meet but exceed our clients’ expectations.