The first one is labelled 'product'. It shows the number of features implemented by the project weighted by their associated quality level (which is either explicit or implicit).
The second one is labelled 'cost'. It represents the global cost of the project from hardware to human resources including the productivity of each resource.
The last one is labelled 'duration' and is the release date.
As a project manager, you only have 2 hands so that you can grip 2 out of 3 levers and watch the 3rd one move freely...

Black box


Listing every possible task for the project means that you set a list of feature and decide some quality for each of them : the left hand is on the 'product' lever.
Estimating these tasks means that you evaluate a cost for each of them : the right hand is on the 'cost' lever.
Now you can start watching the 3rd lever (the release date) moving upwards !

Of course, time is money. If you don't want to see the 3rd lever being stuck centuries from today (which would mean a project that has no way of ending), you've got to move the cost lever upwards for paying the resources extra time.
This is exactly what happened in my first project.
At some point, people said that we could not afford releasing after a given date : we had to catch this damned 'duration' lever and hold it tight.
We had to choose a hand to do the job. As somebody had promised a list of features to the customer, the left hand was not available. The right hand had to let the 'cost' lever go freely and grip the 'duration' lever.

Guess what ? The 'cost' lever started to move upwards !
People were pushed to stay later and come to work on week ends "to give some fresh air to the project", in the general manager own words.
The productivity fell as developers got depressed. They were indeed paying the cost rise.
The customer had to pay too. In this period, I was asked to find every possible woolliness in the customer requirement documents in order to get some extra cash. "Hey Mr Customer ! What you want now is not exactly what you wrote, You've got to pay for it !"

No need to say that when the cost rose too much someone said "Stop !". The right hand being on the 'duration' lever, the left hand had to stop the 'cost' lever before it hits the ceiling...
Cost and duration were now in control. As it was still impossible to tell the customer that features had to be dropped, the quality level dramatically fell as the free 'product' lever went downwards.

Eventually, features were dropped and someone had to explain to the customer why this project was a death march.

Most of the time, holding the 'cost' and 'duration' lever from the beginning is the most sensible solution because :

  • If you hold onto 'product' and finish below expected schedule, your customer misses the opportunity to get some extra features

  • If you hold onto 'product' and finish beyond expected schedule, you're late and the customer is not happy

I once read that "project plans are either lucky or late" but, actually, project plans are either lazy or late : fixing a scope does not bring any guarantee that the product will be available on schedule and budget and in the same time, it makes no sense to stick to a scope when there's some room left.
That being said, sometimes feature can be really mandatory (e.g. safety issues). In these cases, focusing on cost and duration is meaningless because being late is less important than being out of scope.

In the end, the only thing we should care about is knowing, at any time, where our hands are, which levers are in control and which lever is currently moving freely so that we can have a look at it.