Triangle of Triple Constraints
When performing a service, the provider is often times caught in a quandary between price, time, and quality. The Triple Constraint Theory of Project Management states that one is given the options of Fast, Quality and Cheap, and told to pick any two.
The triangle of triple constraints reflects the fact that the three properties of a service are interrelated and it is not possible to optimize all three. One option will always suffer. This dilemma is no different in operating a small business because the owner can’t be everything to everybody. So the question becomes how you can manage this issue.