Why Project Management Time Tracking is Important

Importance of Project Management Time Tracking

More often than not, employees will have multiple assignments to complete within a day or week. As tasks pile up throughout the day, it can get overwhelming, especially with impending deadlines. Business teams can prepare and alleviate any stress by having a robust project management time tracking system.

This entails a set of processes and strategies that will ensure all responsibilities and projects are completed within the expected deadlines. Organizations can also adopt time tracking systems, such as time clocks, to manage their time. These tracking apps collect data regarding productivity and work hours, to which employees can gain insight into how long they are spending on assignments. Other important factors of having a system for project management time tracking include the following.

• Make Informed Improvements - An effective project management time tracking process will enable employees and managers to access real-time data about work performance. These insights open the door for transparency, identification of weaknesses, and informed improvements.

• Determine Time Frame for Tasks - Time tracking solutions allow business teams to plan ahead and identify time frames for their projects. This will help for accurate project billing, time management, budget allocation, and risk mitigation.

• Actively Check Project Progress - Managers can easily check employees' project completion status with a project management time tracking system.

• Avoid Micromanaging - With a time tracking process, managers can avoid micromanaging their employees' productivity and performance. Instead, they can just review staff members' latest updates on their progress via the system or a time tracker.
  

5 Project Management Time Tracking Strategies

Proper project management is an essential component for modern businesses. It ensures teams and employees successfully materialize key organizational concepts. These concepts can include sourcing vendors, creating budgets, and securing investments from stakeholders.

Many companies will have a project manager to oversee business activities. But having a project management time tracking strategy in conjunction with a professional will further boost the likelihood of success. Some strategies business owners should adopt include the following.

1. Create a Comprehensive Project Plan

Experts say that having a well-thought-out project plan is an effective time management strategy. This entails outlining all phases and steps of a project from beginning to end, such as how to approach the tasks and who will complete them. Business owners, project managers, and stakeholders should come together for this strategy and discuss the structure of assignments. By having a blueprint, managers will be able to effectively guide the company.

Important -: According to statistics, 22% of organizations in 2020 leverage the use of project management software.

2. Have Transparent Communication with Stakeholders

Thorough communication with key stakeholders will prevent any delays to a project's success. Regularly interacting with stakeholders, like investors, during an assignment will also ensure they are engaged with the company. This will allow for quicker decision-making and unanticipated funding. Project managers should make sure to determine the best ways in which stakeholders prefer to communicate. Some time tracking tools will have communication features that allow all key players to stay in the loop.

3. Be Flexible to Changes

Oftentimes unexpected events will occur throughout the day or week that will impact a project plan. For example, market trends may render customer preferences to change, effectively shifting the product development program. Therefore, project managers need to be prepared to adapt and adjust their objectives to address new issues. This could entail having communication with employees and stakeholders, as well as forecasting.

4. Only Have Meaningful Meetings

Avoidable and unimportant meetings are considered the biggest time wasters when it comes to project management. While staff members are occupied in an unnecessary meeting, they could have focused their time and energy on making progress on a project. Project managers need to ensure productivity by double-checking the necessity of a meeting. In most cases, information and check-ins can be sent via email or direct messaging.

If a meeting must take place, it is recommended to create an agenda of important talking points. This will prevent tangents and off-topic conversations. Having a designated person to take notes during the meeting will ensure key information and goals can be referenced after the meeting.

Important -: Studies from 2021 show that professionals spend 2 hours at pointless meetings each week. This results in $541 billion worth of wasted resources.

5. Break Down the Work Structure

Project managers have the responsibility to ensure deadlines are met. They must also oversee their teams' productivity. It may be helpful for management to break down different tasks to make sure it is feasible and measurable. This way, it will be easier to monitor progress and to make sure employees are not stretched too thin. It can also minimize time wasted on figuring out how to complete deliverables.

Key Takeaways for Project Management Time Tracking

• Project management time tracking includes the processes and systems that businesses use to make sure they are on track and productive.
  
• This is important for companies and employees that manage multiple assignments within a day or week.
  
• With project management tools, organizations can make informed decisions, avoid micromanaging, and determine timelines.
  
• Strategies that businesses commonly use for project management include creating a project plan, adopting a tracking tool, and being flexible.