Project Monitoring - Cost vs. Time...???

Time is sacrosanct and once it is lost it can never be recovered. The cost though it is important,can be regulated.So,The Project Manager must worry time.

Any project will monitor first by time and by cost or any other variable. In my opinoin all govt. projects are fine examples of time monitoring. Almost all project delayed by one to two years and the cost of the project increasing by 20% to 100%. For example 'Devadula Lift Irrigation', 'Polavaram Project", 'Pulichintal' are some of projects in AP.

Time monitoring any day. Let us not forget that time in itself is a resource and therefore time saved is in essence cost saved. History of big projects has shown as to how projects overruning time suffered by cost overruns. Time monitoring is not only meant to save cost but primarily it should be meant to complete the project to make the end result functional. This aspect of putting the project to use on due date and the saving in time cannot always be quantified in cost to arrive at cost saving. It is the end user who is the best judge to assess such saving.

Tatas have lost  crores of rupees due to the wrong 'time monitoring' in case of JLR as well as 'Corus'. A lesson learnt from other's mistake for enterpreneurs.

Is is important to monitor time for projects since each one has a deadline to complete. These deadlines may have sanctions attached which can posed problems for the project to be successful. 

The budget/cost is a different scenario. You have to manage the cost meaning spend within the budget.

Time involves cost so we have to integrate

"Project" by its definition "Unique" in nature. Every project has its own exclusiveness.

In general, the objective of a Project Manager is to manage the "Tripple Constraints"

• Scope
• Time
• Cost

With out saying "Quality" is also a critical area his contributions are needed.

The debate is spcific about the "Practicality in Preference of Monitoring":-

It is very subjective and it depends up on the project deliverables and stake holder preferences.

Few Examples:

Case 1. If an Industrial project with per day manufacturing capacity immediately on roll out in terms of  value is Rs.10 cr; then the stake holder preference after a cost benifit analysis would be to "Monitor the project by Time" rather than cost.

Case 2. If an Real estate residential appartment project at this recession prone market conditions, the stake holder preference would be to "Monitor the project by Cost" rather than time.

Case 3. Few projects are to be monitored by other environmental factors like legal, political, parameters etc, for example "Tata Nano proejct at Calcutta" In this project the Tata's would have taken decision of the short closure of the project only ater taking cost benifit analysis with due consideraton to business-operational constraints.

But in general practice especially in construction industry, monitoring with respect to Time is being exercised. 

It is mainly due to the tools & techniques  predominantly used, Gantt chart / Bar chart are comparitively less leborious and need less skill/home works than cost monitoring. 

Being a Good Project Manager one should know to evaluate the Stakeholder/Custormer preferences and set his priorities on monitoring the projet variables.

Even the clients, (Owners, buyers, benificiary) now a days are suppoting the time monitering. If we complete the project to save a unit of time, the client will gain money early by selling or by using it. The reputation and popularity will be devoloped. He can spend the money in some other project so that his turnover will be increased. The contractor will receive payments early and he can wind off the work and save the maintenance cost and the resources can be deployed in another project..

Mr Shenoy sorry I cant agree fully with your views.As if we take construction industry for exampple than Time is prime factor obviously as in present trend of construction business many people are involved.I mean to say apart from landlord and proprieters ,the buyers are also involved indirectly.So if you are concerned with cost than you have to consider the cost of buyers too as they book property in advance.But as the construction does not finish in time it becomes a nightmare for all who are attached with the particular project...I mean to say landlord,proprieter and also the buyer.

Just because the project do not finish in time now a days too many real estate projects are on the verge of failure or under legal proceedings.So,time is prime factor along with the cost too.Hope you will agree with my views.

I will say Without time monitoring one can not get cost. Because there is a term called as monetary value. Due to inflation money value increases. If project time is increasing the price is also increasing day by day.