The Importance Of Time Management

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.