Everything we do in life is carried out under certain constraints, likewise projects. All projects are carried out under certain constraints. Traditionally, these constraints are cost, scope and time. Projects must be delivered within scope, time and cost. All projects have finite budget. The project sponsor is willing to spend a finite amount of money for the delivery of the project (new services and products). Every project sponsor expects the project to be delivered within the estimated budget for the project.
Project time management looks at controlling the amount of time it takes to do the work. The knowledge area of time management typically refers to the skills, tools, and techniques used to manage time when accomplishing specific tasks, projects and goals.
Some ways you can manage project time is to define activities, sequences the activities, estimate activity resources and develop and control the schedule. Defining the activity step requires you to define the tasks, milestones, and other activities needed to complete the project. Start with a basic definition of each task and fill in the details as the project gets fleshed out. A Gannt chart is a simple and quick way to outline the entire project.
Sequencing the activities can be started by putting the activities in order. Without worrying about dates, order the activities, order activities in a way that makes the most sense. Create subtasks as needed and organize the project in a logical manner. Once you have the activities in order, you can add dependencies to each task. Estimating activity resources is one of the more challenging steps because it requires you to assess the supply and demand of each resource and how it relates to your specific project. Assign specific people or job roles to each task and then revise the dependencies bases on the resource allocation. You should develop and control the schedule.
Project scope is the part of project planning that involves determine and documenting a list of specific project goals, deliverables, features, functions, tasks, deadlines, and ultimately costs. In other words, it is what needs to be achieved and the work that must be done to deliver a project. Cost management is concerned with the process of planning and controlling the budget of a project or business. It includes activities such as planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
Time is money.
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