ABSTRACT
The Iron Triangle refers to a principle for managing projects. The ‘iron triangle’ is a good tool to help remember that each of the elements of cost, quality and time are interrelated – it applies just as equally to the delivery of goods and services from a supplier, as to that of projects. Modern thinking has started to challenge the convention of the Iron Triangle. There are several ‘landmark’ projects where cost, quality and time improvements have all been achieved without the consequential compromises suggested by project management model. Techniques such as value engineering and business process reengineering help managers to challenge these preconceptions and therefore deliver the type of results that ‘best practice’ projects require. Thus, should a procurement manager place pressure on a project to reduce cost or improve quality, there will be a ‘knock on’ consequential effect on the other parameters.
