Project Time Management

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Executive Summary
A success or a failure of a project depends who is making the assessment. The primary objectives of the project owner and the project contractor must be considered. These objectives are the deliverables that the project owner expects and which the project manager is employed to achieve. The primary objectives for any project can be grouped under three headings: time, cost and quality. The aim is to achieve success in all 3 aspects of the project. At times it is necessary to identify one of the three primary objectives as being of special importance This paper looks at project time management in detail, the processes required to be performed in-order to ensure timely completion of a project. It also looks in depth at 3 project of different size and budget. It investigate the time management processes adopted by each project and the effectiveness of the processes used. It also looks at the lessons learnt and the ways of improving time management on future jobs. There is a direct and very important relationship between time and cost. If the planned time scale is exceeded, the original cost estimates are almost certain to be overspent. Whereas the relationship between project quality and project cost is not as straightforward. There is a simple and acceptable trade-off. Down grading quality is not an option, as quality means fitness for purpose. The major processes involved in developing a project time schedule are: •activity definition – identifying the specific activities that must be performed to produce the various project deliverables; •activity sequencing – identifying and documenting interactivity dependencies; •activity duration estimating – estimating the number of work periods that will be needed to complete individual activities; •schedule development – analysing activity sequences, activity duration, and resource requirements to create the project schedule; and •schedule control – controlling changes to the project schedule.

1.0Project Time Management
1.1Introduction
This paper looks at the many aspects that make up project time management and the effects that certain activities have on the overall completion of a project. It investigates the various management tools and processes involved in creating efficient and manageable project timeframes.

1.2Project Time Management Theory
The PMI has defined a project as "A temporary endeavour undertaken to create a unique product or service" (Project Management Institute 2001, p. 167) Devaux (1993, p.109) believes "Project Management is planning a project in a flexible format so that it is able to adjust to changes, if and when they occur". Project management systems were designed to gain control over the time factor in large complex engineering projects (Faculty of Business 2005, p. 3.3). To manage time effectively an accurate estimate of the project duration and the duration of activities that make up the project must be established. Then these time estimates must be monitored during the progress of the project (Trauner 1993, p. 91). The evaluation of a completed project, as either a success or a failure depends who made the assessment. The primary objectives of the project owner and the project contractor must be considered. These are the deliverables (outcomes) that the project owner expects and which the project manager is employed to achieve. The primary objectives for any project can be grouped under three headings: time, cost and quality (Lock 2003, p. 6). The aim of a project manager is to achieve success in all aspect of the project. But it is sometime necessary to identify one of the three primary objectives as being of special importance. The conflict between the three primary objectives are illustrated in Figure 1.2.1. Figure 1.2.1Triangle of Objectives (Lock 2003, p. 9)

There is usually a direct and very important relationship between time and cost. If the planned time scale is exceeded, the original cost estimates are...
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