Time. It’s all any of us could ever ask for. More time is required. We are never satisfied with the amount of time we have; it is never enough, is it? Time is a one-of-a-kind, non-renewable, and irreplaceable resource. However, we make do with what we have. We learn how to manage our time. “Until we manage time, we can manage nothing else,” said Peter F. Drucker.
Time estimation and management can make or break a project, so it is critical in the Project Management field.
It is critical to accurately estimate time for two reasons:
- The estimated duration determines project planning and delivery deadlines. Poor estimation leads to drawn-out, lengthy delivery, and turnaround times, which not only affects the company’s bottom line but also raises concerns about your competence and dependability as a project manager. It is critical to accurately estimate time for two reasons:
2. Deadlines also govern contract pricing, which can have an impact on the project’s or contract’s profitability.
Scheduled activities in a project’s “Estimate Activity Duration” phase are prioritized using the following three factors:
Time Elapsed Effort Duration
We will go over the following topics in-depth in this article:
What is the cost of the effort?
What exactly is the duration?
What is the definition of elapsed time?
What Exactly Is the Effort?
The term “effort” refers to the amount of work or the number of work units used to complete an activity, as the name implies. In layman’s terms, the effort is the number of hours workers devote to a specific task in order to complete a task. To determine the other two, you must first determine the effort involved in a project. The effort is usually expressed in terms of staff hours, days, or weeks.
Stakeholders frequently ask how much a project will cost. This is primarily determined by the number of time members of the project devoted to the project. Here’s a simple example to help you understand this concept. Assume you start painting your house. You work 6 hours a day, 9 days a week. The amount of time you take in a day multiplied by the number of days you work equals 54 hours of effort. You put in 54 hours of work.
What exactly is Duration?
Duration is defined as the total amount of time required to complete an activity based on the resources assigned to the project. It runs from the start of the task to the end of the task and does not include time off for holidays or other non-working days. It is also known as calendar time.
Work Hours, Work Days, and Work Weeks are all ways to express the duration.
Consider the same example as in the case of effort. You start painting your living room. You work 6 hours a day for three days. Your painting project in the living room will take three days.
What is the definition of Elapsed Time?
Elapsed time is the amount of time that passes between assigning a resource to a task and completing the task. In layman’s terms, it refers to the passage of calendar days. Holidays and weekends are included in Elapsed Time. Milestones set on the project’s schedule can be used to track elapsed time.
Consider the first example of house painting. You work 6 hours a day, 9 days a week. A typical day’s work may take 4 hours, which includes 4 hours of real-time work plus breaks and lunchtime. Your total Elapsed Time is 11 days, which includes a Saturday and a Sunday, as well as any breaks you take in between.
Another scenario is that you work on a construction project for eight days, from Monday to Wednesday, with a weekend (Saturday and Sunday) in between. Your elapsed time is 10 days because non-working days are included.
The effort, duration, and elapsed time are only a small part of the Time Management/Scheduling Module in the Project Management Exams. You may not be asked about these topics during your exam, but it is critical that you understand them.
To effectively manage deadlines and other time constraints as a project manager, you should be well-versed in Project Time Management. Without this skill, the project you’re working on could spiral downhill, accumulating increased overheads.
