When managing a project, project managers strive to achieve two goals – saving time and money. However, project managers understand that this isn’t always achievable – depending on the project and client. Fortunately, there is a lot that a project manager can do throughout a project to boost the chances of meeting these objectives and reaching a successful project end.
Firstly, we will outline the benefits effective cost and time management can bring to your projects and your organisation:
Managing Stress
When you manage your time effectively, you will find more free time available to complete projects. You can worry less about the finances if you have a platform in which to organise them. As a result, both cost and time management can minimise your stress levels.
Broaden Objectives
Effective cost management means remaining under budget and increasing the likelihood of generating a profit. You can complete on time and still have time to hunt for new projects if you manage your time well. As a result, cost and time management may be used to broaden your project horizons.
Productivity
When it comes to time and cost management, it’s not always possible to complete all that was originally intended. Therefore, it’s important to prioritise initiatives. Efficiency is key to making your time and money go further.
A Sense of Achievement
We all love achieving goals and exceeding expectations. In the context of project management succeeding in excellent cost management allows a company to take on more contracts, maintain existing personnel, provide benefits, and – most importantly – stay in business.
Forming and Maintaining Relationships
You will be a better manager if you have a better understanding of your employees. Taking out time for them will help you build stronger connections, leading to increased employee loyalty.
So, what are the best practices for time and cost management?
Good planning
Every project’s success – no matter the potential complications – begins with effective planning throughout the development phase. Meeting requirements, managing client expectations, and forecasting time, costs, and resources may help towards the success of a project.
However – owing to a lack of time and resources – too many project managers struggle with this phase of the project. This often results in project teams rushing to complete a project.
Establishing requirements
The starting phase of a project takes a lot of time and effort, and it is one of the most critical aspects of a project’s development. When establishing a project’s requirements, it’s common to ask questions about the project’s goal. To correctly gather requirements, you must be able to identify and define all project stakeholders.
Managing expectations
After establishing requirements, project managers must correctly manage client expectations. Often owing to a lack of communication, this can be a difficult phase to manage. A customer’s perception of a project’s outcome may differ from how a project manager communicates deliverables and the final product.
The answer is to implement appropriate communication channels. One of the most critical aspects of project management is communication. Appropriate communication is important for managing all stakeholders and consumers. The terminology and vocabulary used by different audiences will change, but excellent communication will help project managers to manage client expectations and assure a successful project delivery.
Estimation
Estimating is the final phase of a project’s development. If the project scope isn’t specified throughout the development phase, it might be difficult to predict project expenses, and – in extension – the project’s cost. This means that the project manager must meet with the client frequently to establish the scope. Thus, development and design can begin, and costing can be finalised.
Execview can offer a quick and easy solution for managing your time and money. To find out more about how a PPM solution can save you money, read here.
The above practices are achievable with our platform, giving you more time to improve your organisation. For a great outline of our functionalities and tools, visit our products and solutions pages. Or, if you wish to speak to one of our experts, you can visit the contact page, or talk to one of our experts, e-mail in**@ex******.com.
