Iron Triangle Theory

The Iron Triangle Theory describes the relationship among three key elements in project management or policy: scope (what's to be accomplished), time (the schedule), and cost (the budget). These elements are interconnected, meaning changing one affects the others. For example, increasing the scope usually requires more time and money, while tightening the schedule may limit scope or increase costs. The theory illustrates that balancing these three factors is essential to successfully complete a project or implement a policy, as there's often a trade-off among them.