Projects cannot commence without a plan. To produce a realistic plan, you need significant knowledge about crucial business aspects including personnel, resources, and strategic objectives.
However, with project management, you can stay on top of the game, assuring that only the best practices are implemented.
Moreover, it ensures that resources are allocated effectively, making best use of time, money and employees.
Significance of Time in Project Management
When managing projects, time is one of the most crucial resources to consider. It is an invaluable criterion for project managers to determine if the project is being operated as intended or not.
Furthermore, time management is crucial when it comes to resource maximization in collaboration with other resources such as personnel and money.
Typically, employees are paid for two things: their time and skills. Therefore, it is their duty to be present at work for required number of hours each day, fulfilling duties within the prescribed time.
A project manager must be aware of how to establish priorities. This is done by allocating more time to important tasks, providing room for high-quality work. Furthermore, consistent feedback and reporting can also offer project managers with insight on how smoothly the project is working, under coordination and active communication. Remember, it is easy to execute project management if everything is carried out within the established frame of time.
Focus on time when making crucial business decisions. Make strategic modifications. When you alter time frames, it will impact results.
This is the reason why during the initial stages of planning projects, you should hire project managers who are skilled to produce sound estimations.
Also, mitigating risk is a crucial component of business management. This involves anticipating potential risks, developing schedules, allocating resources, delegating responsibilities, and more.
Risk mitigation can make the work process smooth, overcoming challenges and unanticipated obstructions.
All in all, project management is crucial because it ensures that projects are executed in accordance with the devised plan. Remember, the significance of time for projects cannot be overstated. Therefore, to effectively utilize time, you must encourage your project managers use time tracking solutions.
Benefits of Time Tracking in Project Management
Outlined below are some benefits of time tracking for effective project management:
Time tracking enables project managers to:
- View team activities and how much time is being spent on which task,
- Assign the right kind of job to the right person,
- Take instant action on areas that are clearly require improvements,
- Track overall employee productivity and levels of performance over a certain period of time,
- Effectively handle remote teams,
- Establish clear expectations, deliverables, and deadlines etc.
With Chrometa, you can encourage your employees to record all their time spent on computers and mobile phones (Android & iPhone) passively. This will further help them make effective use of business time, increasing billable hours, and receiving payments owed by clients to your business.