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Strengths and weaknesses in time management
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PMBOK guide defines TM as the “Use of available time and your own productivity along with the appropriate planning and management of the project schedule” highlighting the link between Time Management and productivity and its closely knit relationship to scope and cost areas. Max Wideman presents a wider definition for TM as the “function required to maintain appropriate allocation of time to the overall conduct of the project through the successive stages of its natural life-cycle, by means of the processes of time planning, time estimating, time scheduling, and schedule control.” Ultimately at it’s core however, TM is about time, its planning and control during all stages of the project. A further look into Wideman’s definition of TM by means of identifying its importance throughout the entire project life-cycle (Initiation, planning, execution, controlling and close-out) is required. It is hoped that by analysing how TM tools and techniques can positively and negatively effect the different stages of the Project life cycle a better understanding of productivity, TM and project success will result. Initiation: During the project initiation stage the business problem or opportunity is outlined whilst simultaneously various TM techniques and tools can be adopted to enhance productivity and overall project success. Value engineering is a technique which can be adopted to seize the opportunity to add value in the early stages of the project. The value of a system’s outputs is optimized by crafting a mix of performance (function) and costs. Allocating time for this technique is crucial during the initiation phase, as it deals with the value process solely during the inception and conception of a new product. Lean construction... ... middle of paper ... ...creased project value generation” and subsequently enhanced productivity. When time management is organized in a way to exploit the risk opportunities identified in the early project phase, increased productivity can result. The project scope statement identified in the initiation phase, serves as the main input when estimating the time and duration for a project. Concerning TM it is important to allocate appropriate time to the projects scope, project duration so that cost overruns can be avoided together with penalty clauses and reputation damage. Planning: During the planning process, outputs are created to illustrate how project tasks will be sequenced and allocated for effective TM. The PMBOK Guide describes nine processes under Project Time Management (Fig 2.) all of which (excluding no. 6) are relevant during the planning phase of the project life cycle.
All organizations and businesses exist to meet some specified goals with some predetermined strategies and resources. A basic measure of effectiveness in an organization is evaluating how much an organization is able to achieve, and comparing it with the expected achievements to make sure that goals tarry with results. If the real performance deviates from the set expectations, measures to cater for that are taken. Delivering goals or results within the time periods and financial costs is a key component of organization and business success. The management or appropriate project leaders have to look at the available resources and budget on them to meet customer expectations and needs. In all projects time management is of essence according Hurink (2011).
The different stages of the project lifecycle are clearly spelt out in the WBS, allowing management to precisely identify which components are causing cost or schedule overruns and to more effectively mitigate the root cause of the overruns; USDOE (2012, p. 5) and provide specific insights into the relationship among scope, schedule, budget, and performance (p. 7).
The objective of conducting the analysis for this section is to determine the strategy can be adopted to complete project on time that identified from the literature review and the ranking according to their significant influence towards efficiency of strategy. Based on the eight challenges that identify, the observations of nine strategies have been proposed to ensure project complete on time.
Lastly, most projects usually involve the investment/expenditure of one or more limited resources, such as money, peoples time, skills, equipment, etc. As a result, most people try to maximize the return on these investments/expenditures, thus making the overall lead time, from start to finish, the key factor in almost every project.
To deliver the project successfully on budget and on time, my team used Product Lifecycle Management (PLM) tool to control project data and process, defining and tracking program deliverables and resource management against the budget. The PLM tool also increased my visibility and control
Whereas, the UK Association of Project Management (APM) defines project management as “ the planning, organization, monitoring, and control of all aspects of a project and motivation of all involved to achieve project objectives sagely and within agreed time, cost, and performance criteria. The project manger is single point of responsibility for achieving this” (Atkinson, 1999). These definitions were mainly based on “The Iron Triangle”: which includes time, cost, and quality. Atkinson (1999) argues on considering other
Actions like pausing projects to organise people, changing requirements and design extends the project time can be time
It is the publication of the Project Management Institute (PMI).PMBOK is most important resources which don't predetermine to routing the project management, but rather as the guidebook that compile five key process groups and ten knowledge areas and that are best practice project management.
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
Time, cost and quality constraints relating to project management are interdependable and mutually exclusive. Hence a company should have a well-planned project scheduling to enjoy the fruits of time and cost related benefits. Scheduling hones the productivity and performance of an organization through customized management [2].
project management is to complete the tasks involved in the project faster and with strategies in
Time-phased project work is the basis for project cost control. Work package duration is used to develop the project network. Further, the time-phased budgets for work packages are timetabled to establish fiscal measures for each phase throughout the project. The time-phased budgets are to emulate the real cash needs of the budget, which will be used for project cost control. This information is useful to estimate cash outflows. The project manager's attention is on when the costs are to occur, when the budgeted cost is earned, and when the actual cost materializes. This information is made up to measure project schedule and cost variances (Gray & Larson, 2005). The following are typical types of costs found in a project:
In this real world, we have lot more projects to-do but the project manager should select the right project. The project manager should consider the categories which are Venture, Growth and core for selecting a project. Next, whenever we are doing a project first we need to have a good plan, time and budget. Sometimes, the flow of the project may fail in schedule planning or it may run out of budget so, the project manager needs to plan correctly and also need to estimate the budget required for the project because when the project is approved to work with then project manager should fix to the deadline and the budget for the completion of the project. So, scheduling the project is very important and often need to be checked whether the project is on schedule, on track, on budget or
In the workplace, time management is an important factor in everyone’s day-to-day work. If a person’s time is well managed, it is possible to achieve a greater amount in a shorter space of time. How effectively people manage their time has a major influence on aspects of their working lives and their personal lives. Effective time management can have a hugely positive effect on a person, it can lead to a focused and disciplined mentality, giving a higher level of productivity, greater efficiency and an all round positive attitude in life. This benefits the individual, their team, the company they work for and also their friends and family. An example of this is an employee who prioritises their jobs at the start of the day; this gives them a structured day and ensures they have time to complete all of the important jobs. However, if time is poorly managed it can lead to inefficiencies, work overload and added pressure, this could eventually lead on to other issues such as stress.
"A project is a temporary endeavor undertaken to create a unique product or service" (Project Management Institute 2008). Certainly, it can be individually or collaboratively performed. Discovery of new products, running a political campaign, enhancement of old products, modifications in the technique of drilling can all be called projects (Heerkens 2002). Yet, for a project to be taken serious, proper management skills are necessary for its completion. Project Management is the set of skills and techniques applied to a project in order to achieve specific ambitions (Project Management Institute 2008). Since a project is limited in time and unique, having the mastery of project management can give satisfaction, lower expenses and more efficiency to companies. This paper will focus on describing and showing the characteristics of a project management life cycle in a broad context, taking the role of a