Placing of time management in a project

■ Realistic plan and setting of the target

In order to complete a project successfully, it is necessary to devise a well integrated plan that takes into account budget, time and HSE (health, safety, environment) aspects. An important component in the initial stage of the project is to show how the management policy of the project will aid in the achievement of the target, and to assist in clarification of the implementation plan. When devising a plan, the following matters should be focused on.

1) Performance policy to lead the project to success and reasonable performance procedures and measures

2) Mechanism/method of tracing the progress of the project

3) Method to monitor the results (progress) against the plan and evaluate them

4) Forecast of the future and the study/devising/implementation procedures of corrective measures

5) Summary and analysis of the results and the procedure to devise plans of improvements for the future

■ Relations between the schedule and the cost

As shown in Table 4-5-13, while considering that the schedule and the cost r elated by tradeoff, realistic optimum values are pursued in relation to the characteristics of the project. It is required to understand that time and cost are closely connected with reference to the following:

• Optimum schedule to realize the minimum operation expenses

• Optimum schedule to achieve the maximum productivity

• Prevention of the deviation of the receipt of money from payment

• Securing the incentive (bonus) for achieving the target and the prevention of delay penalties

Table 4-5-13: Tradeoff relations between the cost and the schedule

Example ♦ Relationship between the cost and the schedule

When trying to shorten the schedule, we often experience the way of dealing with the issue of a schedule by means of cost (additional payment of expenses), as is typically seen in the examples of "increasing resources (personnel), stationing more competent resources (personnel), shortening the manufacturing time by placing an order for machines and materials at a higher price, and selecting a speedier transportation" means. In project management, it is required that without being confused by the direct expenses at hand, comprehensive judgment of the influence and conclusion of each expense should be made, thus making a decision that is deemed to be optimum._

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