Revisiting the golden triangle of cost, time, & quality: the role of NPV in project control, success and failure

The paper examines the relationship between project budgets, cash flow, cost control and time schedules. It considers the theoretical effect that each can have on the net present value (NPV) of a project. The paper proposes that investment appraisal techniques, such as NPV, can and should be used as an ongoing monitor of project health. Finally, the theoretical points are tested on a small sample of project managers. In conclusion, the research indicates that some project managers' claims that they have "delivered" their project successfully may be false.