Time Management

Managing to be On-Time

Project Time Management

April 1, 2007

Prepared by:

Tong Wang

Assignment 2

Computer Science 605

Project Management for Information Systems

Athabasca University

Table of Contents

1 Introduction 4

2 What is Time Management? 5

3 Why is Time Management Important? 6

4 What are some of the Challenges in Time Management? 10

5 Summary 12

6 References: 13

Table of Figures

Figure 3 1 Typical Project Performance 8

Figure 3 2 Project Performance after Milestones are Identified 9

1 Introduction

All project managers know about or should know about the ÐŽotriple constraints of project managementÐŽ± - all projects are constrained by three elements: scope, time and cost. It is ultimately one of the most valuable resources available to us, but it has the least amount of flexibility. We cannot control the rate at which time is spent, and time cannot be stored to be used later. Time is a fixed commodity.

Project managers normally work under strict time deadlines. The manager must deliver the not-fully-specified product, produced by a not-fully-specified process, but on a specified date. There is constant pressure around schedules and the monitoring of progress towards the due date. This often becomes the overriding concern of the project manger.

This report describes what time management is; discovers why time management is the key to successful project management; and identifies some of the challenges project mangers are facing in time management.

2 What is Time Management?

Project time management is one of the core planning processes involved in overall project management.

There are five project time management processes:

1) Activity definition ЁC This process identifies the specific activities, which are performed to produce the deliverables of a project, and then hierarchically orders the project into work packages. The overall project schedule is not at a sufficient level of detail to enable the allocation of actual resources to tasks, or to control progress. It is important to break the project down to small activities so that it is easy to measure progress.

2) Activity sequencing ЁC This process identifies the dependencies between all the activities in a project. It also identifies major external dependencies.

3) Activity duration estimating ЁC This process estimates and calculates the time required to complete a scheduled activity.

4) Schedule development ЁC This process reviews the activity sequence and activity durations, and then defines the project schedule. Schedule development determines the proposed project start date and step through start and end dates. It also validates these dates against the project constraints. During this process, scope, dependencies and resources are adjusted until a satisfactory balance is achieved.

5) Schedule control ЁC This process monitors and manages the changes to project schedule. The schedule guides the project and is used as a benchmark by which progress on the project can be monitored and controlled.

Essentially, time management is the managing of project schedule, which is an ongoing activity to make sure projects are meeting deadlines.

3 Why is Time Management Important?

3.1 Why does a project have to be on time at all?

Time is money. Timing is everything. We hear these things almost every day in project management. Why is all the time pressure for projects? The reasons are various:

- A project may need to comply with legal or governmental requirements. For example, new legislation or new requirements may need to be implemented by a certain date;

- There are operational reasons for a project to be on time. For example, a new system may be required as a matter of organizational policy or to fit in with existing procedures and deadlines;

- A project may need to assist with financing arrangement. Grants or borrowing approvals may need to be spent within a specific period;

- Delivering a product earlier may give the organization an edge over its competitors.

3.2 Why is time management important?

Time management is a critical aspect of any project. It is the backbone of effective project management.

The benefits of effective time management, and hence a well-constructed schedule, are numerous:

- The process of building the schedule enables the project manager to identify the risk points and understand the proper linkage of events. Schedules assist in resource planning and allow the project manger to establish goals for the team and the project.

- A project schedule is the core of the project plan. A project schedule communicates the final deadline and resource needs to all stakeholders.

- During the process of a project, the project schedule provides a framework to organize the project team to strive to common goals. It also provides the project manager the tool to manage to a desired outcome, and to measure performance of the team. A quality schedule ensures better success rate of the project.

- At the end of the project delivery phase, a project schedule is a summary of what have been done. It provides valuable reference for future projects.

On the other hand, poor time management leads to inadequate preparation,