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Following aViewOn the project constraints scope, time and budget and how a prioritization could look like.

The most important point is the right scope.
Without knowing what to do all time and budget makes no real sense.
Scope needs to be approved by all stakeholders and decision makers.

Time should be the second important dimension. It needs to be understood by when a defined scope needs to be realized.
This is where a first check on whether the defined scope roughly fits to the planned timeline or alignment on scope and timeline is necessary.

The third priority is budget.
Only a defined scope and a realistic timeline allow estimations on budget seriously.

After all that the first iteration is done. Multiple iterations are required in order to get a valid project set up.
It is not as waterfall-like as it reads and normally the iterations overlap and complete each other.

Furthermore, all the above can be scaled up and down depending on the size of your initiative.

Scope – Prio 1
Time – Prio 2
Budget – Prio 3

Real life most times looks completely different.
You need to deal with the back and forth on scope changes, because some aspects were not considered or other work streams require something different / additional.

Budget: Set to a “misteriouslyl calculated number and hell, if someone doubts that the budget isn’t properly calculated. But normally nobody really cares unless you are close to exceeding it.
In the middle and the second half the project the budget will be recalculated and surprisingly their is less money as expected and the cutting-phase starts, meaning less travel, less paid lunches, less available number of resources.
Unfortunately, all that is required in order to properly align on topics, keep people motivated and get the work done.
That is why while heading towards the end of the project “budget is not an issue”. You’ll get what you need.
The only thing you need to make sure is … “We need that service live on the planned go live date”.

That all makes IT projects interesting, challening and sometimes crazy. But that is why we are in that business, right?

Furthermore, we shouldn’t forget that IT is still in is childhood years and that many things need to be learned still.

Standards and well definded processes can help finishing projects in quality, in budget and in time.

Last but not least: the people.
Do not forget them! In the end it is them bringing success to your project.