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]. For example, consider a poorly planned schedule. In this kind of a project, employees don’t work seriously until the deadline for the project is near. Once the deadline is nearby, they tend to hurry up tasks which will have adverse effects on the quality of the project. Project done in a hurry will not be completed within the deadline as it can have unexpected issues. If the deadline is passed, the budget allocated for the project gets increased. Similarly, as quality gets degraded, products from the company are rejected by the clients which will finally affect the future of the company. Meanwhile, if the project is well planned, it …show more content…
Scheduling cost controls can help minimize materials and labor costs. There are three advantages of scheduling with respect to lowering labor costs. It maximizes workforce effectiveness, it manages costs such that labor costs can be scrutinized for efficiency opportunities and minimizes administrative costs by automating organizational tasks [2]. Scheduling allows organizations to review and manage work hours of teams and departments. In this way managers can identify budget estimates required, works pending and opportunities required for greater efficiency. An organization can use its time keeping systems to analyze and optimize labor costs. Time keeping system would help match and compare actual and estimated time and budgets giving a scope for lowering budget costs. Scheduling also helps in lowering administrative costs such as payroll and HR by automating them using time keeping softwares which are more
Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling and Controlling. Hoboken, NJ: Wiley.
Lewis, J. P. (2011). Project planning, scheduling, and control: A hands-on guide to bringing projects in on time and on budget (5th ed.). New York, NY: McGraw-Hill.
Adequate and effective time management strategies will be adopted for implementing all of the above strategies in effective and efficient way
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:
Construction mistakes and defective works are the fourth challenges to be considered as main challenges that hinder completion on-time project. There are three aspect of sub - challenges in construction mistakes and defective works that hinder project from completing on time were ranked based on relative important index from the perspective of contractor. Lack of workmanship was ranked in first sub – challenges. Besides that, negligence among parties to complete project on time was ranked in second sub – challenges and the last ranked that is shortcut that take will involves
Suggested cost management, planning and scheduling techniques would help in controlling costs and schedule problems.
Time management is essential in the workplace and it can help eliminate many other problems that could arise if time is poorly managed. By using the various time and stress management techniques available it is possible to reduce or even eliminate stress. A person who manages their time well can benefit from an organised, manageable workload with enough time to complete the jobs and tasks that are of any importance. Time management can have a direct effect on a persons stress levels and it is important that stress levels are kept to a minimum to ensure optimum performance, efficiency and general well being.
Scheduling plays a vital role in the success of the project. Without scheduling, you do not know what is happening within the project and if you are on track for success or leading towards the pit for failure. Hence, lot of emphasize is given on scheduling of the project. It aids the project manager in multiple folds. It helps Project Manager manage the Cost of the Project, take decisions regarding the scope or time change within the project looking at all the activities scheduled. Scheduling also helps project manager to sync-up with higher management and provide a status update on the health of the project. A good schedule can eradicate the
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.
Project scheduling is defined based on project tasks, deliverables and project deadline. I would work with project team to have estimates for the tasks with duration and create project timelines along defined priorities of project tasks. Various estimation processes such as Cosysmo, function point, Program Evaluation and Review Technique, etc. can be used to come up with estimates for the requirements of the project. The project cost is calculated based on Internal and External labour efforts and other expenses such as software licence, professional services, training needs, travel and hardware/other materials required for the project.
Application of control on different points is analysed in the book furthermore talked about in the given slides. The first contrast is, in slides, it gave as professional project manager, and in the book, it noted as project manager, construction manager, and concrete manager. In the given slides, the whole thought isolated into three principles parts i.e. work inputs, tools and techniques and outputs however in the book, it is given as general viewpoints.
Project management creates a situation where the workers perform their duties and responsibilities in a structural and devoted manner. With much dedication and focus it is possible to use fewer workers to accomplish and execute a project. Allowing fewer workers to perform a project allows frees up possible persons to work other tasks. The increased efficiency of teams in their tasks is of a consequent meaning that the effectiveness of the organization as whole is increased as well (Larson, 2014). Doing this allows project management the ability to hold people accountable and this makes the workers much more efficient in their tasks than a slew of
Project planning falls in the Planning Process Group which consists of those processes to establish the projects total scope, define the projects objectives, and courses of action to achieve those objectives. During the planning process, all the documents that are needed to carry the project through the project lifecycle will be developed such as the project management plan. Project management requires repeated feedback loops as additional information becomes available and is better understood. The planning process delineates the strategy, tactics, and path to successfully complete the project. With that, the planning of a project must walk through all the those processes from executing, monitoring and controlling through the closing process.
...s the high level executives to analyze other opportunities for future growth. The time management process is as simple as any other functions that one performs in the organization. It doesn’t require additional resources except a small awareness. Recording time/activities, managing it by being focused on primary responsibility, identifying and removing the time-wasters, and developing a system, rule, and policy to achieve effectiveness and efficiency that best fits the individual’s or group’s or organization’s nature of work, resources, and goals. For example team management, time log book, sound information system, office layout, organization right sizing, practice of decentralization, 80/20 rule, etc. can be some of the tools to identify and remove time-wasters and it may allow one to focus on the primary responsibilities.
Time management is needed in everyday situations. Time management is very important to accomplish all tasks in your life, whether goal oriented for one’s self or for business purposes. You can avoid stress and burden when you set your priorities in a well-structured manner. When thinking of time management, people usually just think of personal time management. Loosely defined as managing our time to waste less time on doing the things we have to do so we have more time to do the things that we want to do. Time management includes your personal life and business life.