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Many times it happens that you have to choose between project cost and time, it happens most often with the activities on critical path. Saving project time may impact extensive cost overruns, whereas saving cost may result in delaying the project?? If such critical situation happens to your project.. which strategy would you adopt?
First of all time is money. Time is cost.
I will adopt the strategy of achieving the approved project goals at the approved quality. Time & cost control alone is not the aim of project management. They key is to achieve the approved outcomes at the approved quality measures. If I found that this is not achievable within the approved cost and within time, I will define the root causes of what is happening and seek management and customer approval as required and proceed accordingly.
Productivity is more important than both time and money. Project Manager need to prioritise his goals and allocate his resources according to his requirement. Time is new currency and money is always important. So Project Manager job is to determine a balance between both and allocate resources that gives best results in a particular situation. Remember, each and every Project is unique.
The Question is like Egg or chicken ? i think time is cost and cost is time .project management is about achieving goal .sometime its necessary to spend more to achive the deadline sometime we have room to save .
Any time your spending on a project you always have to think of its costing your employer money. A critical path is the sequence of dependent tasks that form the longest duration, allowing you to determine the most efficient timeline possible to complete a project. Now if we add up all of our critical tasks' duration, we'll get the approximate time that we need to complete the whole project. Before you work on any project always ensure you have the right team you could count on to suport you with the project, always use time managment.
No doubt time is money.
Decision in each situation, however, varies. If the time is essence for the project then delivery is paramount irrespective of costs. Loss of credentials in such cases may be costlier than the extra money spent. In case the delay is accepted by all stakeholders then the reduction of cost should be a preferred route without compromising on quality, etc though such situation today are rare in internaitonal competitive environment.
I would go for the shortest critical path as then Iwould save time and cost.The critical path avails the options for which model would best utilirize resources and deliver the ultimate goals of the project .The best option is the one with the shortest time and one that saves the resourses.
Time is so precious as DIAMOND. The more we waste our time the more we inccured expenses. Be proactive and innovate things that can reduce expenses and could be of help in cost-savings activities.
it all depends upon the circumstances leading to the delay. sometimes this can be compromised depending upon the target completion date to avoid any hefty penalty..
Critical path activities are the project tasks that must start and finish on time to ensure that the project ends on schedule. A delay in any critical path activity will delay completion of the project, unless the project plan can be adjusted so that successor tasks finish more quickly than planned.
I will receive the technique of accomplishing the affirmed extend objectives at the affirmed quality. Time & taken a toll control alone isn't the point of extend administration. They key is to realize the endorsed results at the approved quality measures. In case I found that usually not achievable inside the affirmed fetched and inside time, I will characterize the root causes of what is happening and look for administration and client endorsement as required and continue in like manner.
Preference to time factor would be the option .
