What are the Benefits of Project Time Management?

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What are the Benefits of Project Time Management? 

What Is Time Management?

Can you get more done in less time?

That’s the challenge in present times when there are always more things to do and time is always at a shortfall. 

The process of organizing and dividing the time between activities through an effective plan is called Time Management. Effective Time Management enables smart work to accomplish more work in the given time despite the mounting pressure and tighter deadlines.

Those who are hailed as high achievers are the ones who manage their time exceedingly well to accommodate more in the timeline provided. More often than not being busy is interpreted as being effective but its not the efforts but the results that count. Hence time management is critical to be fiercely competent and productive.

It's poor time management that results in missed deadlines, poor quality of work, higher stress, inefficiency, poor professional reputation stunted career growth and Work and life imbalance.

Proper time management is about managing time efficiently to actually save time. It provides space to be proactive and creative in completing tasks. Strong time-management skills are one of the critical factors in achieving key goals of the organization by providing a clear picture of what needs to be completed within the given timeline boosting productivity.

Why Time Management Is Important?

Good time management ensures more work is accomplished in a shorter time period that frees up more time or bandwidth, which can be leveraged in taking up additional tasks. It opens up opportunities as the additional time can be utilized to the project’s advantage that essentially eases the pressure on the schedule, relaxes the crew, lowers the stress and strengthens the focus – eventually resulting in the successful outcome of the project.

Here are 5 reasons time management is crucial:

1. Time is limited

Divide it in any which ways, but a day has only 24 hours. You cant stretch it any further. So it is important to acknowledge that constraint and plan the day effectively to make the most of the hours through smart work. Innovation and improvisation in getting things done will help to rise through the ranks and effectively manage and utilize limited resources  -in this case, time too is a limitation.

2. Accomplish more with less effort

the ability to focus is strengthened through effective control of time. And that enables the ability to focus which bolsters momentum and enhances efficiency. The net result is the completion of the task at a quicker turnaround in time much faster than anticipated.

3. Improved decision-making ability

When hard-pressed for time, the decision-making ability gets impaired as the pressure is piling making it difficult to arrive at an informed decision.  Good time management skills eliminate the pressure that stems from the inadequacy of time, calms the mind to be more in control to carefully examine all the options in making the right decision.

4. Become more successful in your career

One of the keys to success is Time management which lets you take control of yourself rather than follow others.  When the decisions are sound, the results will get recognized. The people around will notice and frontrunners will approach you for assistance in completing the tasks or activities, that shifts the spotlight on your profile and helps to accelerate your career.

5. Reduce stress

Lack of control of time can lead to complications as the deadlines might be delayed or milestone missed.  Effective management of time helps you to take control and negotiate with the constraints and demands on time through proper estimation and completion of the given task within the timeline. This essentially lowers the level of stress as you are in control of the schedule and confident in delivery as planned. 

What are the Project Schedule Management Processes?

There are six processes in Project Schedule Management:

1. Plan Schedule Management
2. Define Activities
3. Sequence Activities
4. Estimate Activity Durations
5. Develop Schedule
6. Control Schedule

1. Plan Schedule Management

Plan schedule management is the first process of Schedule Management in which various policies and procedures are established. The information about planning, developing, managing, executing and controlling of the project schedule is documented to minute details. This provides direction to the project manager in managing the project from initiation to final delivery. This process is executed once or predefined points in the entire project management lifecycle.

2. Define Activities

In the Define Activities process, all the actions required to prepare the final deliverables identified and documented. The work packages are broken down into smaller tasks. These smaller tasks act as the baseline for estimation, scheduling, execution, monitor, and control of the overall project work.

3. Sequence Activities

All the relationship among various project activities is identified and documented in Sequence Activities. This process defines the logical sequence of work which helps in gaining maximum efficiency despite the constraints. This process is executed throughout the project lifecycle.

4. Estimate Activity Durations

Estimate Activity Durations estimates the number of work periods needed to complete a single activity documented in the project schedule along with necessary and sufficient resources. The estimated time required to complete the individual activities are calculated in this process. This process is executed throughout the project lifecycle

5. Develop Schedule

In Develop Schedule process the schedule model is created to execute, monitor, manage and control the project. The finer details of the project activities are analyzed in terms of sequence, duration, resource requirement, constraints. Develop Schedule process and produces a model schedule complete with dates of various project activities and is executed throughout the project lifecycle.

6. Control Schedule

The last process of the Project Schedule Management,  Control Schedule is executed throughout the project lifecycle. Based on the status of the project, the project schedule is updated in this process and as a result, the changes are incorporated into the schedule baseline. Because of this process,  the schedule baseline is maintained throughout the project development.

What are the Benefits Of Time Management?

Proper management of time has its own benefits. Listed are some benefits of Time Management:

1. On-time delivery

 To complete work on time,  a definite time should be allocated, which will also help to manage the workload.  When there are time-boxed tasks, achieving the target on the set timeline is possible through a structured schedule. Managing time effectively results in delivery on time.

2. Better quality of work

Proper utilization of time and effective use of resources, it is possible to deliver work of expected quality and standards. The focus can be shifted to important tasks that are of the highest priority in the list of activities with undivided attention and dedication resulting in improved quality of work.

3. Productivity and efficiency

Effective and efficient time management skills help in completing the tasks adhering to the highest standards m- and it requires proper planning and scheduling.  when urgent tasks are taken on priority and identifying those tasks that are unimportant thus balancing the time and sticking to the schedule without slippage increases overall productivity.

4. Much less procrastination

Deferring the work to “sometime later” is not only the worst excuse but proves too costly in consequences as the postponed work will have a cascading effect adversely impacting the progress of the project. Applying good time management is necessary to motivate the employees in closing the tasks and removes the roadblock in the form of procrastination.

5. Less stress and anxiety

 Difficult times are always a result f poor time management. When there is excessive work on the schedule, then time estimation has not been properly thought through, which can unnecessarily burden the employee. This inevitably adds to the stress and anxiety given the unreasonable deadlines that lead to depression, hypertension, and other illness.

6. Improved quality of life

Time management skills not only benefit professional life but it helps balances personal life too. The work-life balance is very much possible if the right balance is struck in apportioning time accordingly.  Effective time management ensures tasks are on track which in turn provides time to focus on personal needs. This harmony improves the quality of life.

7. More opportunities and career growth

When tasks are completed on time, it becomes noteworthy and good work is always appreciated and complimented. Those who can get the work done consistently with a quicker turnaround in time are ‘achievers’ who are assigned more work. The one who gets work done always gets promotional opportunities at work that help up walk up the ladder.

What are The 4 Ds Of Effective Time Management?

Project managers often struggle with time management due to various reasons – maybe the client wasn’t clear about the specifications or introduction of last-minute changes or resource crunches or it can be anything. Managing time is not easy.  One of the most popular productivity strategies for effective time management is known as “four Ds”.

Delete it.

It is very important to identify the task or activity that needs to concentrate. Confirm if that needs your full focus and attention. If it is not worth your time, better to delete it. Pareto principle (80/20 rule) in this context states that people spend 80% of their on activities either unproductive or a total waste.

Delegate it.

Delegation is a great way to save time to spend on critical tasks that are your responsibility. Delegation should not be misunderstood or just assigning tasks to subordinates. Work can be delegated across, upwards or even other departments. It's about the identification of accountability and the right fitment to do the particular task. A project manager doesn’t have to manage financial accounting and hence delegate to an accountant. Delegation doesn’t mean shaking off the responsibility. It’s the fine art of getting work done.

Do it.

If a task is very important and can be done you and there is time left, without deferring, deleting or delegating, then it's better to do it. It avoids postponement or procrastination. It helps to stay focused and not get sidetracked. If it is worth your time, and efforts on that task, then do it and move on.

Defer it.

There are some tasks that can wait. If there is no urgency or if it can be dealt with later, then Defer it. It might not be important during the working day, but still, it is important to get it done. For example, it can be an email that doesn’t need your immediate attention – defer it till you get some free time. Those that do not call for immediate action and can be taken up at a later point in time can be deferred but should be done eventually.

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