The triple constraint theory says that every project will include three constraints:

ie. budget/cost, time, and scope.

And these constraints are tied to each other. Any change made to one of the triple constraints will have an effect on the other two.

For example, If project manager move project’s due date out by a week or two, the budget and scope constraints could be impacted in any number of ways.

The idea behind the triple constraints of project management is that the success or failure of every project is tied to its budget, schedule, and scope.

Budget/Cost: Budget should be well defined at the beginning of the project . The budget may differ in small quantities form the expected one, but if it starts showing huge margin between the expected budget or cost it becomes a problem for the project team as well as for the own sake of project. Expenses of resources materials and equipment should be properly defined in the beginning.

Time: proper time should be defined for how much time it will take to complete the tasks in the scope and set a timeline for each task in each iteration. Time is very important and proper deadline of the project should be fixed. A PERT chart can help to calculate time required for each task.

Scope: It documents the features and functions that will be included in this iteration of the product. Scope documentation should make it clear to everybody what will or won’t be included in the final product.