Michael Pavling wrote:
>   * quickly produced
>   * well written
>   * cheap price
> ... then give them an option to pick which two (and they can *only*
> have two) of the three they want.

This is close, but the most useful variable was left out of this list.

The choices are actually:
1. Time
2. Quality
3. Cost
4. Scope

Stakeholders are given their choice of three and development controls 
the forth. I only mention this because scope is actually the most 
"sensitive" of the four variables.

Quality is relatively ineffective at controlling the other three, yet at 
the same time can profoundly affect the other three. In other words you 
can't really "buy" time by lowering quality. Lowering quality in an 
effort to reduce time will likely have the opposite effect. Code of poor 
quality, in the long run, takes longer to write than quality code.

Time in many situations is fairly fixed. The product needs to ship 
within some reasonable "budgeted" time scale. Hence time can also be an 
ineffective control variable.

Cost is a somewhat tricky control variable. In some situations it can 
effectively control the other three, but in other cases it is 
essentially fixed, and as such can't be used reliably for controlling 
the other three variables. Throwing more resources (programmers) at 
project in trouble does not guarantee success.

Scope can often be the real key control variable for a large percentage 
of projects. Scope can "buy" you time. Often building less (at first) 
can deliver a working product, meeting or exceeding quality 
requirements, within the budget of time and cost. This is the core 
principal of agile software design methodologies. The feedback gained 
from early, small, releases will also have a profound impact on all four 
of these variables.
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