"Iron Triangle" Explained.. AKA "Fast, Cheap, Good... pick two"
The "Iron Triangle"—often summarized as "Fast, Cheap, Good... pick two"—is a fundamental concept in project management, engineering, and product design. It illustrates the unavoidable tension between three competing constraints. The rule dictates that you cannot maximize all three attributes simultaneously; improving one inevitably requires a compromise in at least one of the others. The Three Constraints To understand the trade-offs, we must first define the corners of the triangle: - Fast (Time/Schedule): How quickly the project can be completed. This includes deadlines, time-to-market, and production speed. - Cheap (Cost/Budget): The financial resources required. This includes labor, materials, tools, and operational expenses. - Good (Quality/Scope): The standard of the final result. This includes features, reliability, performance, polish, and user experience. The "Pick Two" Scenarios The central thesis of the Iron Triangle is that you can generally optimize for two of these constraints, but the third one will suffer. Here is how the combinations play out: 1. Fast + Cheap = Lower Quality - The Scenario: You need it done right now, and you don't have much money to spend. - The Compromise: Quality takes a hit. To meet the deadline with a low budget, you must cut corners, reduce the scope, skip testing, or use inferior materials. - Example: "Fast food." It is ready instantly and costs very little, but it isn't gourmet (and might not be healthy). 2. Fast + Good = Expensive - The Scenario: You need a high-quality product, and you need it immediately. - The Compromise: Cost skyrockets. To speed up high-quality work, you have to pay for overtime, hire expensive experts, rush-order premium materials, or use advanced technology. - Example: A "Rush Order" on a custom suit. You get the perfect fit and fabric in two days, but you pay a massive premium for the tailor's expedited labor. 3. Good + Cheap = Slow - The Scenario: You want a masterpiece, but you have a limited budget. - The Compromise: Time drags on. Since you can't pay for extra help or speed-up mechanisms, the work happens only when resources are available, or the creator takes their time to perfect it without incurring extra costs. - Example: Developing an Indie Game or a "Passion Project." A solo developer might make a beautiful, bug-free game with almost no budget, but it might take 5 years to finish because they are working on it in their spare time.