Definition
Time is a physical quantity that describes the sequence of events. In project management, it is, alongside costs and performance, the third important factor of the Magic Triangle. It can be defined in various ways:
- Duration of a project, i.e. project start to end
- Duration of a task or work package
- Points in time and deadlines for important events (e.g. milestones, delivery date)
If time cannot be adhered to, this leads to an imbalance that affects costs or performance.