PROJECT MANAGEMENT

Time Risk in Project Management



Time Risk in Project Management

Time Risk

Project Time Management describes the processes required to ensure the timely completion of the project. It consists of defining activities, sequence of activities, estimated duration of activities, schedule development, and control of programming.

Time risk management is a variable of the project that primarily involves identifying the risks associated with a project and measure, to their management. Time risks in project are unanticipated events that have negative or positive impact on project objectives and project completion (Roberts, 2011). The main objective of the project time risk management is to complete the project on time, achieving the project scope, cost and quality required by the client, within the inherent time risks of the project.

Time Risks in Project Management

The first challenge of project management is to ensure that the project is completed within defined time duration. This requires commitment to specific restrictions; second challenge associated with time risk in project management relates to achieving optimal and most appropriate outcomes. The time risks are generally associated with an uncertain outcome or lack of knowledge of future events (Kerzner, 2001). They are measured by the probability of their occurrence and have positive or negative consequences on the project completion (Heerkens, 2002). This section presents a brief overview of time risks in project management.

Project Costs Budgeting

Time risk is directly related with the project cost in the overall project management. Managing project costs describe the processes required to ensure that the project is completed within the budget approved (Kerzner, 2001). It consists of planning for resources, cost estimating, cost budgeting and cost control. Due to variation in expected project activities completion and actual time used to complete the activities would lead to increasing the overall project cost.

Delay in Project Completion

Projects are often divided into more manageable components or subprojects. These are often sub contracted with ...