The Value of Measuring Both Time and Budget For a Project
When planning out a project, the primary investment that most people want to know is the financial cost that will be needed. Of course, this is a vital aspect of any project. If you don’t have the funds to invest, then you cannot continue with the project. However, planning out your time for the project is just as important.
The fact is, you will have to invest time, as well as money, into any project. How much work is involved should also play a part in planning out the project and determining if it’s feasible in the first place. Measuring that time during the project will also play a part in determining if the project is on track.
To-Do Lists and Tasks
The really important part of measuring both time and cost comes when you are measuring the performance of your project. If you are just measuring your budget as you go, then you are not getting the whole picture on how well your project is coming along.
As a simple example, take a project that is planned to take six months. If after three months you have spent half of your budget, you might think that everything is on track. However, since you are only measuring cost and not time, you could end up with a surprise when the six months is up and your budget is exhausted. This can happen if at the halfway point you’ve spent half your budget but only completed 30% of the work. This would mean that your project is not on track and you need to make adjustments.
Tracking both aspects of a project involves earned value management. This allows for project managers to continually monitor the performance of a project and make determinations and adjustments based on how much budget and time has been spent on an ongoing basis. That way, your project can run as efficiently as possible and be more likely to be completed on time.
Don’t fall into the trap of only factoring in financial investments when it comes to your project management. While your budget may be the most important component of any project, the time investment is just as important. If you are not measuring your timeframes and implementing deadlines, then you are very likely to go over budget and have the project fail as a result.