Time in project management or Time-Cost Trade-Off:
is the relationshipClaim Digger Baseline Schedule V.S Revised Schedule Comparison Tool. Read more ... » between activityMethods to estimate task and activity duration. Read more ... » time and cost. by assigning more workers to a particular activity will normally result in a shorter duration. greater speed may result in higher costs and lower quality, however. In this topic, we shall consider the impacts of time and cost trade-offs in activitiesL1-Create,Define Activities and WBS from Bill of Quantities BOQ. Read more ... ».
Why do we need to reduce project time and what is the value of time in project managementHow to obtain PMI-ACP Agile Certificate. Read more ... »?
Finish the project in a predefined deadline date
Recover early delaysDelays in Construction Projects in KSA. Read more ... » to avoid liquidated damages
Free key resources early for other projects
Avoid adverse weather conditions that might affect productivity
Receive an early completion-bonus
Improve project cash flowCreate Gantt Chart and cash flow using excel with sample file. Read more ... » by the schedulingPlanning and scheduling procedures. Read more ... » techniquesWhy Project management and project management plan. Read more ... » ( reduce project durationUnderstand how scheduling tools works-Draw network diagram yourself. Read more ... »)
What is the way to reduce activity durationCreate Gantt Chart and cash flow using excel with sample file. Read more ... »?
by Working extended hours (Over time)
Offering incentive payments to increase the productivity
Using additional resources
Using materials with faster installation methods
Using alternate construction methodsConstruction Manager Job Description template. Read more ... » or sequence
Activity Time-Cost Relationship:
Total project costs include both direct costsCost Management for Engineers-Cost Terms. Read more ... » and indirect costsCost Management for Engineers-Cost Terms. Read more ... » of performingTeam Development-Project Manager Power and XY Theory. Read more ... » the activities of the project. Direct costs for the project include the costs of materials, labor, equipment, and subcontractors. Indirect costs, on the other hand, are the necessary costs of doing work which can not be related to a particular activity, and in some cases can not be related to a specific project
Decreasing activity duration will increase its cost which related to Project direct cost = summation of direct cost of individual activities.
Decreasing activity duration will decreases Project indirect cost = daily indirect cost x project duration.
time in project management is very valuable factor and we use time management project to find the point between direct cost and indirect cost which equal to minimum cost of the project or Optimum Duration.project management time.
Shortening Project Duration (Optimum Duration):
Start by shortening the activity duration on the critical pathUnderstand how scheduling tools works-Draw network diagram yourself. Read more ... » which has the least cost slope and not been shortened to its crash duration.
The cost increase due to activity shortening is calculated a cost slope multiplied by the time of time units shortened.
Continue until no further shortening is possible, and then the crash point is reached.
The results may be represented graphically by plotting project completion time against cumulative cost increase.
using time management project techniques you should be able to identify the Optimum Duration as shown in the figure on the right.
The objective of the time-cost trade-off analysis is to reduce the original project duration, determined form the critical path analysis, to meet a specific deadline, with the least cost.
time in project management is critical in today’s market-driven economy.