Tracking time during a project is probably the most important aspect of project management. Time aligns productivity, efficiency, and quality of your project.
If you have been confused about the importance of time tracking in project management, this article will resolve those confusions for good.
Here are all the reasons you should utilize time tracking in your project management.
During a project, time becomes a limited asset. You need to track and plan a systematic expense of time to ensure the desired productivity. It will help you differentiate essential and non-essential tasks.
Tracking time keeps you aware of the deadlines of a project. You can increase the pace from time to time and ensure the successful achievement of desired goals.
At the same time, you can re-define your estimated time of completion in accordance with the desired goals. In many situations, goals are modified to match the project’s time frame. It all helps in balancing a project to its maximum success.
Tracked time reports become a collection of insights for future work. A project manager can use the time-related reports from the previous task to estimate a suitable completion time for an upcoming task. Constant practice improves the efficiency of the team members, and they promise and deliver their work on time.
Without time tracking, every day starts with confusions. Team members begin each day, trying to figure out how to start their work and what goals to achieve. This also presents the issues of procrastination in the team members.
On the other hand, time tracking helps in designing set routines. The project manager doesn’t have to communicate the tasks every day, Team members know what to do and know in how much time they have to do it. Hence, no chances of procrastination occur in your team.
Some companies charge for whole projects, while others charge with hourly basis. For both types, tracking the time is extremely important to ensure profits.
If a team works on an hourly basis, time tracking helps in adjusting the rate of work. This way, your team can ensure fair payments for the quality and amount of work delivered.
At the same time, complete project completion also requires time tracking. If you get paid for the whole project, time tracking helps in deciding the overall profitable time period of project completion.
You can compare the payments given to employees for a particular time period with the payments received for the project. Hence, you can track time to ensure the profitability at the end of the project.
Time tracking data helps in presenting evidence that you require more resources. If the project seems to require more resources, the project manager can show the tracked time data and ask for help.
This way, business leaders see the challenges and become compelled to increase the resources as per the requirement.
In any industry or business model, client satisfaction matters the most. And your client feels satisfied when you deliver quality product without delaying the delivery time.
Tracking your time keeps your delivery dates and product quality in check. You can change the pace of work and get more resources to match the delivery deadlines and required quality. Hence, your clients feel satisfied with the results you offer.
Time tracking offers a great benefit of acknowledging the performance offered by employees. A project manager can identify the talents and working capacities of team members.
With that insight, the project manager can advocate a raise for deserving employees. Plus, the manager also knows which team members are suitable for upcoming tasks.
Project management reports become more compelling and useful with time tracking metrics. Company leaders get to see the growth of a project with time and its on-time completion.
Daily, weekly and monthly time tracking statistics also help in predicting the success rate of a project. At the same time, higher authorities become aware of the time frames required to complete a project. With that, they can promise suitable project completion time period to clients in future.
Thanks to advanced time tracking software and tools, project management has become extremely simple. All smart managers are utilizing time tracking software systems in project management.
Hopefully, these reasons have made time tracking importance clear to you. Find a reliable tool with effective features.
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