The previous discussion of the Iron Triangle - the suggestion that it should be melted down - was a diversion from the real problem of project management. It was a diversion because those suggesting the melting don't work in an environment where the trade offs between cost, schedule and some other independent variable are common.
In the aerospace business these "trades" are not only common, they are part of the process of managing projects. One place to start is the Office of the Secretary of Defense Technical Performance Measure web site, at the concept of a Technical Performance Measure (TPM). The TPM is the third leg of the triangle.
TPM is an evolutionary program management tool which builds on the two traditional strengths of Earned Value management (cost and schedule performance indicators) by adding an elusive third dimension - the status of technical achievement. By combining cost, schedule and technical progress into one comprehensive management tool, program managers are able to assess the progress of their entire program.
This approach is now the standard project management paradigm for complex, high risk procurements. Take a look it may be that the suggestion of melting the Iron Triangle was a bit premature.
TPM's fit naturally with agile (iterative and incremental) development, fine grained deliver ables, 0%/100% credit for completion, and customer defined value streams.
