Time, cost, and quality are referred to as the “Iron Triangle.” Given any defined scope of work, you manage the remaining three variables of cost, time, and quality. It is impossible to optimize all three. Adjusting one variable will have an impact on the others.
As a Business owner one must determine their strategy, philosophy to this as it relates to many aspects of business. Examples are:
- What price should we charge for our products / services?
- What is our development of our team members plan?
- What about our customer service solution?
Basically in ALL decisions in life and business the idea of one needs to determine which two factors are the drivers in this decision therefore making one manage the other one. This practice will cause your triangle to move the up point left or right.
For more information how to implement this decision making strategy in your business call Focal Point Business Coaching of Pennsylvania www.businesscoachingofpa.com