Traditional cost accounting methods may not yield the right information for some of your most vital initiatives, including project portfolio management and analysis. New ways of understanding costs have emerged to help redefine and realign strategies. But these new methods are only as good as the data that feeds them -- and time data is a critical input.
The phrase "time is fleeting" has never had more relevance than it does in the 21st century as today’s executives and their project leaders confront overwhelming demands on their time. Time is as critical as money. Yet, many companies are not accustomed to allocating and investing it with the same level of care as they would with more traditional assets.
Most business executives and project leaders "get" that time must be managed, accounted for, and invested in ways that maximize return. But this is often easier said than done, as companies seldom possess the right processes and infrastructure to make the most of time resources. They often confuse the core business process of time-resource allocation with simple timesheets or time-management calendars. This is as dangerous as confusing a simple check register with a company’s capital investment strategy.
To allocate and manage any resource, it must first be seen clearly and then tracked carefully. Time tracking should be a fundamental part of any business. Almost every