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The four factors to manage in a new home or renovation project are scope, time, cost, and quality. 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.

The Iron Triangle

The Iron Triangle illustrates how these variables interact with one another. In regards to the triangle, many will tell you that out of time, price and quality, you can only pick two. Each side of the triangle equals a project variable. As an example, selecting high quality with low-cost results in the need for an addition of time to restore the balance of the variables. If you want to limit two legs of the triangle, you’ll have to reduce the enclosed area: scope of work.

In order to effectively manage your project, you need to understand each variable and how they respond to change.

For any given scope of work, there’s a balancing of time, price, and quality.

Scope of Work

The scope of work in this scenario is the required elements to satisfy your desired outcomes, standards, and costs. It is the inside of the “Iron Triangle.” If you adjust the scope of work, the other three variables will be directly affected.

Time

Time covers the process from design through construction. Throughout your project, you’ll have many forces which impact project time, regardless of your desire to get the job done quickly. Your architect needs enough time to produce plans, and your contractor needs to balance available time with the tasks necessary for your project. You may need time for arranging finance. And along the Gulf Coast, the weather and hunting season may affect how long a project may take.

Cost

Cost is your budget, including architectural fees, the contractor’s fees, other associated fees, and the cost of labor and materials.

Quality

Quality applies to the technique, materials, and supplies used. It also applies to the experience level of those employed on your project.  The good news is that not all matters of quality expand your budget, but budget and cost will directly affect the level of quality that is achievable.

What about building codes? Building codes establish the minimum quality standards for life safety. Building codes will not necessarily meet your standard of quality. For many, simply meeting code does not mean a quality job has been performed (think of a bare-bones camp). Most of us desire a home with far higher quality, so relying solely on building codes won’t produce the results you desire.

As a homeowner, understanding the interrelated nature of the Iron Triangle’s factors can enable your to make informed decisions to meet your primary goal whether that’s time, price or quality.

To learn more about the process of designing and building a home, check out my Amazon #1 Best Seller, The Forever Home: How to work with an architect to design the home of your dreams. A free sample chapter from the book is available for download at DesignYourForeverHome.com.

The balancing act among quality, price, and speed of delivery is present in nearly every market segment imaginable. It’s so common there’s even a wall plaque for it. This one by Summit Racing Equipment.