Project Time Management: How to make Profitable Project out of it?
Time, when wasted cannot be taken back. Time is precious and it should not be taken for granted. Time flies or drags depending on what is being done. In every aspect of the project, time has a significant role in realizing the goals. Project Time Management is often perceived to be a difficult concept and requires prioritizing and organizing a project. There should be clear distinction between urgent and important. “Urgent” tasks will demand immediate action while “important” tasks must be done otherwise, there will be unwelcoming consequences. Scheduling must be done in order to manage the whole project easily. Estimated durations on achieving a particular task and resource utilization must be accurate to avoid expensive over runs.
Project Time Management skills are valuable in accomplishing a project. It is also important to develop strategies that will help balance time and management. One of these is known as action planning, which means focusing on the urgent and more important tasks that will move the project toward the achievement of the goals. The steps to creating an effective Project Time Management would need to include the following:
How to do it?
The very first thing to do by a manager is to identify the activities or the tasks. Based on the requirements set by the stakeholders, these activities must be chunked and assigned to doable tasks. The execution of the tasks follows. This must be done in a sequence, by identifying what to be done first, down to the very last. The duration of time needed to finish each task must be appropriate enough. This duration may also fluctuate depending on the amount or the types of the resources to be utilized in the project. The nature of the resources directly affects the flow of the process and could make it either faster, or slower. Having estimates by using the ones readily available would help identify the path of the project. Software packages may be used as well when plotting the schedules. Taking the advantage of it will help reduce wasting of time by doing it manually. Lastly, having control on the schedule will make it easy to adjust based on the changes and keeping it updated will keep the project on track.
Project Time Management is a difficult task for a manager. A manager should have the ability to plan and control how to spend time in each activity to accomplish goals. The manager has to look into a lot of things to finish scheduling. The project manager has to consider the goals, the stakeholders, the resources and the people who will perform the tasks. The project itself will likely fail if the manager does not know how to do estimates and allocate time for each activity. It will be a great advantage if the existing software will be used for scheduling. The main goal of Project Time Management is to increase effectiveness and productivity. Project Time Management is designed to create combination processes, tools and techniques. It is a necessity in any project development and acts as a core function in any organization. If the manager fails to plan, he plans to fail. The entire project will be a failure.