Managing PunctualityProject Time ManagementProject Time Management for Information SystemsIndex1 Introduction 42 What is time management? 53 Why is time management important? 64 What are some of the challenges in time management? 105 Summary 126 References: 13Table of FiguresFigure 3 1 Typical project performance 8Figure 3 2 Project performance after identifying milestones 91 IntroductionAll project managers know or should know the "triple constraints of project management": all projects are bound by three elements: scope, time and cost. Ultimately it is one of the most valuable resources at our disposal, but it has the least flexibility. We cannot control the rate at which time is used, and time cannot be stored for later use. Time is a fixed commodity. Project managers typically work under strict time deadlines. The manager must deliver the not fully specified product, obtained from a not fully specified process, but on a specified date. There is constant pressure on schedules and monitoring progress towards the deadline. This often becomes the project manager's primary concern. This report describes what time management is; discovers why time management is the key to successful project management; and identifies some of the challenges project managers face in time management.2 What is time management?Project time management is one of the fundamental planning processes involved in overall project management. There are five project time management processes:1) Task Definition ¨C This process identifies specific tasks, which are performed to produce the deliverables of a project, and… half of the document… eporting. A project manager should review the status as ¡°has been completed¡± or ¡°not completed¡±. It is much better to break tasks down into smaller steps and simply report on their completion. So, if a particular task misses its completion date, a schedule change is automatically triggered. There is no ambiguity or confusion.5 Summary Information is the lifeblood of most projects. A project manager must keep himself updated on all project-related information. Effective time management plays an important role in the success of projects. Being on time is not a piece of cake, it requires years of experience and people have to learn from their failures. Time management skill is a critical skill for a successful project manager.6 References:[R1] The Complete Project Manager, SMG Strategic Management Group, Inc.