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Time

What is Time? Definition and meaning

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:

  • The duration of a project, i.e. from project start to project end
  • The duration of a task or work package
  • Points in time and deadlines for important events (e.g. milestones, a delivery date)

If time cannot be adhered to, this leads to an imbalance that affects the costs or performance.

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Frequently asked questions

Why is time so important in project management?
Time is, alongside costs and performance, the third factor of the Magic Triangle. If it is not adhered to, an imbalance arises that affects either the costs or the performance of the project.
How can time be defined in a project?
Time can be understood as the duration of a project, as the duration of a task or work package, or as a point in time and deadline for important events such as milestones or a delivery date.
How do I record time in software?
Project durations, the duration of tasks and work packages, and deadlines can be recorded and analysed centrally with the time recording from projectfacts.