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Objectives have to be set that everyone agrees on to avoid team conflicts later on.
Understanding and addressing the needs of everyone affected by the project means the
end result of the project is far more likely to satisfy all stakeholders, and last but not
least, project manager will also be balancing the many competing project constraints.

6.4 PROJECT COMPONENTS FOR SUCCESS

Like any human undertaking, projects need to be performed and delivered under certain
constraints. For years, project management was taught around the concept of balancing
Scope, Time and Cost. These are also referred to as the "Project Management
Triangle or Iron Triangle," where each side represents a constraint. One side of the
triangle cannot be changed without affecting the others.

The time constraint refers to the amount of time available to complete a project. The
cost constraint refers to the budgeted amount available for the project. The scope
constraint refers to what must be done to produce the project's end result. These three
constraints are often competing constraints: increased scope typically means increased
time and increased cost, a tight time constraint could mean increased costs and
reduced scope, and a tight budget could mean increased time and reduced scope.

The dynamic trade-offs between the project constraint values have been humorously
but accurately described below (a sign seen at an automotive repair shop):

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