“A man who dares to waste one hour of life has not discovered the value of life” (Charles Darwin)
Today we want to bring out a discussion about a valuable resource than, more often than not, we want to multiply or stop: time.
The evolution of technology has brought us new ways to find out how we’re distributing time, especially at the workplace, and project management is a particular case where this effect is noticeable. When we are immersed in the execution of a project it is very important to know how much time we are spending on it. But, why? We want to show you 4 benefits that arise from the use of time-tracking tools in your project management for both those of you who occupy the position of project manager and the rest of members of the project:
- Learning from the past. After completing a project, we can see how much time we spent on its execution, and whether it has been required to work overtime or we have had enough with our regular working hours. Furthermore, having a record of the time that we have spent on it, will help us to make future decisions on similar projects; as it will be useful for planning, scoping and pricing. In addition, having evidence of the work that has been performed will allow us to achieve more solid and credible agreements with customers.
- Overview of the current situation. That is, how is the project being developed? During execution, we may check if the time we are spending on the tasks exceeds the initial estimation or not. If we are spending more time than the one planned, we will be at the right time for a new plan, hiring more resources, delegating or outsourcing. If, however, the spent time is lower than expected, we should check if the tasks are being performed correctly and if all the requirements are being met. Monitoring the project is very important to see whether we are trying hard enough to achieve our goals.
- Financial assessment of project and resources. Knowing the time of execution allows us to calculate the total cost of the project by multiplying it by the number of team members and the cost per hour of each one, which in addition let us know the project profitability. On the other hand, if you work as a freelance, a time report makes it possible to create invoices that take into account the real effort that you have made. In any case, you will be able to bill your customers according to the real time needed for project implementation. Lastly, a time tracking system is a perfect solution to keep a record of overtime-worked hours.
- Improve productivity. Knowing how you invest your time and having a way of recording it help you to use it in the best possible way. In addition, it allows team members to be aware of how their work helps to the overall project development, which can have an important impact over their personal motivation.
Doolphy as a project management tool, offers the possibility of collecting the time that is spent in each task that is part of the project so that work teams can benefit from the advantages described above. In addition, in order not to make the action of charging hours a task in itself, this week we have released a time sheet that reflects all pending tasks that you are assigned to. A time sheet for each project is still available; however, the advantage of the new one is that it offers the possibility of charging time to all the tasks where you are working on at once. Do not miss the chance to improve your business and get solutions starting today! ;)