A Project Manager’s Guide to Tracking Time and Resources
Project managers employ different methodologies to achieve project objectives and each methodology differs somewhat in its approach to the project lifecycle. Regardless of the project management method used, timekeeping and budgeting software tools can greatly increase a project manager’s efficiency during resource allocation, project monitoring and reporting.
Project management methodologies have evolved, but each shares a common purpose - to outline a series of steps or phases that a project manager can apply to every project. These steps form a project lifecycle and provide a framework against which the project manager can plan a project, monitor its progress, manage for risks/change and analyze end results.
Beyond project management methodology, organizations seek to manage and continuously improve the quality of the processes used to create products. Quality methodologies seek to incorporate quality controls and process improvement into project management, and frequently, more widely across an organization. These models include Six Sigma, Total Quality Management (TQM), OPM3 and ISO 9000.
This paper details the Project Lifecycle including:
- Scope Phase (also known as Concept or Initiation)
- Development Phase (also known as Planning)
- Project Launch Phase (also known as Execution or Production)
- Monitor & Control Phase
- Project Close Phase
- Allocating and tracking resources
- Tools that help project managers track time and budget throughout the project lifecycle
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