Definition: The magic triangle shows the 3 dimensions of a project, which are agreed before the project begins. These are time, costs and performance or quality.
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Time: Project start, end and all deadlines to be met.
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Costs: Project budget that must be adhered to.
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Quality / performance: Content-related objectives of the project.
If one parameter is changed, all other parameters must be adjusted.
Project managers can apply the magic triangle as follows:
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Plan and review the key aspects of a project.
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Recognize and prevent negative developments during project implementation.
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Compare results with defined objectives after project completion.
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Define preventive measures based on the target definition(s) in risk management.
Find out how successful communication with your agency can take place: "Dictionary for communication with agencies".
Further references:
https://www.inloox.de/projektmanagement-glossar/magisches-dreieck/
https://www.inloox.de/unternehmen/blog/artikel/das-magische-dreieck-im-projektmanagement/
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