Effect of time management on projects

Effect of time management on projects

Time Management is 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, (i.e. concept, development, execution, and finishing) by means of the processes of time planning, time estimating, time scheduling, and schedule control.

At present, the improvement of productivity and effective time management procedures become extremely important for completion of projects with positive results and even for surviving of a construction company as a business structure. Inappropriate TM and low productivity create a negative impact on project environment, particularly increased cost, losses in profit and damage to reputation.

For every project, whether it is early start or late start, the time is      money. This should be kept in the mind before starting the project. Project should not be started if you cannot meet this requirement.

Industry focuses on-time services, not on the expenditure being done for those services. If you can do this then you are the winner else you will be listed in those failures who were claimed to become the best but due lack of project management approach they lost the battle.

Usually a question arise in mind of many people that why do we need project management and time management?

The answer is, to provide effective and on-time solution we need time management and project management.

Now the question arises why some project face failure if they were started with the approach of project management?

Project management has certain activities listed below:
Requirement collection
Requirement elicitation
Planning
Designing
Execution

If i write these in short words it will be:
Requirement phase
Planning
Execution

All the three activities are interconnected and if there is any difference between any interconnected activities, it will lead the project towards failure. Not a single practice adopted by any team to hold this situation if it is not viewed microscopically. If sales team gives wrong data to technical team then it will create a huge difference for the development team because they better know the relation between technology and client's requirement.