Are the project management triangle and buying a house related? Yes, I would think so. Here is how. If you have not heard of the project management traingle, here is a brief summary:Any project operates under the constraints of Scope (amount of work to be done), Cost (budget) and Schedule (timeline by which you need the project delivered). All these three interrelated. For instance, if all three of the constrains are dictated or fixed then project is bound to fail. So for instance, if you want to reduce the cost of the project you may need to reduce the scope. Alternatively if a project needs to be delivered under tight timelines (schedule), one needs to work on either reducing the scope or increasing the resources and there by the cost. This is quite a common constraint I have faced in software projects. Makes sense?
It just occurred to me the other day that this traingle applies to Buying
a House or Apartment as well. Here is how it maps in my view: Area(sft) of the house and the location - Scope
Budget you have for buying a house - Cost
Do you need a ready to occupy home or can you wait? - Timeline
Budget you have for buying a house - Cost
Do you need a ready to occupy home or can you wait? - Timeline
Obviosuly if your timeline is immediate, you may need to shell few more rupees to purchase what you need. So the cost increases. On the contrary if you can wait for couple of years for completion, over all cost would come down. Other way to reduce the cost is by changing the scope: looking for a smaller area (sft) or a not so prime location. You see how these are realted? I found it quite interesting as this thought occurred to me. Hope you did too :-)
