What is the Iron Triangle concept for managing cost overruns

The construction industry is one of the indicators of economic performance and growth in the country. Despite having a progressive economic potential, the industry faces several challenges in project management. Among these challenges, time and cost overruns are a persisting problem that leads to undesirable impacts on projects.

For the project management to be effective overall, schedule management, scope management, cost management and quality management have to be efficiently implemented.

According to the Project Management Book of Knowledge (PMBoK), there are 10 knowledge areas for a project. All these knowledge areas have ebb and flow trade-off relationships.

There are several activities and stakeholders involved in managing a project. The roles and responsibilities of all stakeholders differ as per the contract.

Deben Moza, Senior Executive Director - Head Project Management Services, Knight Frank (India) writes on managing cost over runs for effective project management.