Adoption of Project Management Strategies and Minimization of Time and Cost in Project Execution

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Published by “Global Research Network LLC"

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Adoption of Project Management Strategies

and Minimization of Time and Cost in Project Execution

Adeyemi Bode Thomas

Department of Business Administration, Hutton School of Business, The University of the Cumberlands, Williamsburg, Kentucky, United States of America

Zeyad B. Ragab Amhana

Department of Leadership Studies, Hutton School of Business, University of the Cumberlands, Williamsburg, Kentucky, United States of America

Abstract: This paper emphasized on the fundamental role of effective project management in achieving successful project outcomes while minimizing time and cost. The study explored project management methodologies such as waterfall, agile, scrum, and kanban, highlighting their contributions to project navigation. It focused on the strategic use of time and resources and the importance of cost minimization in project management. The research explored the complex relationship between project management strategies, time management, and cost minimization, scrutinizing methodologies' impact on timelines, resource allocation, risk mitigation, and stakeholder communication. It underscored the significance of efficient project management techniques in planning, scheduling, risk management, and stakeholder communication for overall project success. From the findings the study concluded that the interplay between project management strategies, time management, and cost minimization is deemed indispensable as organizations and individuals embrace these strategies to position themselves to achieve predetermined objectives within specified constraints, demonstrating the indispensable role of strategic project management in optimizing outcomes while minimizing both time and cost. One of the recommendations of the study was that it is crucial for project managers and all personnel concerned with project execution to continuously evaluate and optimize resource utilization to prevent bottlenecks and unnecessary expenses.

Keywords: Project Management, Project Management Strategies, Cost, Time and Project Execution.

INTRODUCTION

In project management, the adoption of effective strategies plays a pivotal role in ensuring successful project execution while minimizing both time and cost. According to the Association of Project Management (2024), project management is the process of directing a group of people to achieve a common objective within a set time frame and budget. This manifold discipline incorporates various methodologies, including waterfall, agile, scrum, and kanban, each tailored to meet the unique requirements and nature of a project (Coursera, 2023).

AMERICAN JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT

ISSN: 2576-5973

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The basic objective of project management is to steer a project from its inception to its conclusion, within the parameters of predetermined objectives and in a manner that satisfies the expectations of all parties involved. In accordance with the Project Management Institute's (PMI) definition, project managers engage in the utilisation of specified tools, skills and knowledge, and strategies in order to provide benefits to stakeholders. According to Schwalbe (2018), effective project management necessitates comprehensive planning, the selection of appropriate resources, the evaluation of potential risks, and continuous communication throughout the course of the project.

One of the essential dimensions in management of project is the strategic utilization of time and resources, essential for achieving project objectives within allocated budgets and timeframes. Time management in project execution encompasses the deliberate control and organization of time spent on tasks, aiming to enhance efficiency and productivity (Academy for International Modern Studies, 2023).

Concurrently, cost minimization, an integral facet of project management, focuses on optimizing resource utilization and reducing unnecessary expenses while maintaining project quality (Study Smarter, 2024).

This work explores the complex relationship between project management strategies, time management in project execution, and cost minimization. By investigating into various methodologies, such as waterfall, agile, lean, scrum, and kanban, this work aims to clarify how these strategies influence project timelines, resource allocation, risk mitigation, and stakeholder communication. Furthermore, this work analysis the significance of efficient project management techniques in enhancing planning, scheduling, risk management, and stakeholder communication, thereby contributing to the overall success of project execution.

Concept of Project Management

Coordinating and supervising projects is a meticulous approach to guarantee accurate completion as instructed by the project manager. Utilising methodologies, techniques, skills, knowledge, and experience is crucial for reaching certain project objectives within defined constraints and in accordance with project acceptance standards, as outlined by the Association of Project Management (2024).

Moreover, project management, according to Kissflow (2024), is the process of guiding a project from inception to completion. In a similar vein, the Investopedia Team (2023) clarified that project management is organizing and arranging a business's resources to advance a certain assignment, event, or job towards completion. Project management might involve continuing work or one-time projects.

People, money, technology, and intellectual property are among the resources that are managed for a project.

Vittal (2020) defines project management as the skilled and systematic use of tools, procedures, knowledge, experience, and talents to meet stakeholders' needs. Project management, as defined by Wikipedia in 2024, is the coordination of a group's activities to achieve a project's goals while complying with existing constraints. Project managers may effectively strategize, implement, oversee, and complete projects with the assistance of a project team by employing project management methodologies (Project Manager, 2024). Project management is defined by KnowledgeHut (2024) as the process of systematically integrating processes, procedures, skills, resources, and strategies to accomplish project goals within a given time limit. Delivering value to individuals via the use of specific knowledge, skills, tools, and processes is what project management is all about, according to the Project Management Institute (PMI).

Managing a project from beginning to end in accordance with predetermined standards and guidelines is what project management is all about, according to Pratt (2024). According to Weinstein (2023), project management is all about systematically using methods, tools, skills, and information to accomplish a

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project's goals. The primary goal of project management is to lead a team to successfully complete a project within the allotted time and budget. Initiatives with time, money, and scope limits are the main ones that project managers concentrate on.

Concept of Project Management Strategies

Project management strategies encompass the comprehensive plans and methods employed to effectively initiate, organise, execute, supervise, and conclude a project (Schwalbe, 2018). Effective project management is necessary to achieve project objectives within constraints such as time, budget, and scope. Here are key concepts and strategies in project management:

Project Life Cycle: Typically, a project comprises several phases, including planning, commencement, execution, monitoring, and closing. Success requires that each phase be understood and managed properly with consideration of the following practices in project management:

Project Methodologies: Project management is guided by a variety of approaches, such as waterfall, agile, scrum, kanban, and more. The choice is based on the restrictions, requirements, and nature of the project. Each has its own set of principles and methods.

Risk Management: Identifying risk, assessing, and mitigating are essential. Risk analysis, risk response planning, and creating backup plans are examples of strategies.

Communication Plan: It is essential to communicate well. Preventing miscommunications and keeping stakeholders informed can be achieved by creating a communication plan that specifies who needs what information, when, and in what format.

Resource Management: A key component of resource management is the process of allocating and using resources like staff, materials, and equipment in the most effective manner possible. It is possible to avoid bottlenecks by employing optimisation algorithms and resource levelling.

Quality Management: A crucial component is making sure the project meets the desired quality.

Planning, ensuring, and controlling quality are all incorporated into project management.

Stakeholder Engagement: Stakeholder identification and engagement are crucial to the project's success. Regular communication, stakeholder analysis, and expectation management are all part of the strategies.

Change Management: Changes are a common occurrence in projects, and handling them well is essential. Analysis of the impact of change, communication, and plan adaptation are all part of strategies.

Project Monitoring and Control: Monitoring project progress against the plan on a regular basis makes it easier to spot deviations and implement corrective measures. Milestones and key performance indicators (KPIs) are tracked. Overwhelm the

Lessons Learned: It is crucial to hold lessons learned meetings when a project is completed. Recording achievements and difficulties yields insightful information for further endeavors.

Concept of Time Management in Project Execution

A project manager sets up a number of procedures known as time management in order to guarantee that the project is completed on schedule. In order to ensure timely delivery, the project manager must first define the tasks involved in the work, then arrange them in an execution order, estimate the resources needed to complete the project, estimate its duration, create a schedule to handle each task in turn, and lastly oversee the schedule to guarantee that the work is completed to a satisfactory standard. In the context of the execution of a project, the term "time management" refers to the process of organising

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and exercising conscious control over the use of time in order to improve the efficiency, effectiveness, or productiveness of the project.

Project time management, or time management in project execution, is the process of determining, organising, estimating, scheduling, and overseeing the tasks and activities necessary to finish a project within the allotted time frame, according to the Academy for International Modern Studies (2023). In 2024, Wrike outlined time management as overseeing the distribution of time and the advancement of activities and tasks linked to a project. Establishing a strategy to allocate appropriate time to each task, determining deadlines for project phases, and setting delivery dates is what Miljkovic (2022) refers to as time management in project execution.

Additionally, according to the Indeed Editorial Team (2023), time management occurs "when project managers complete tasks within the budget and on schedule." According to Whiting (2023), project time management is the effective use of time through careful planning, effective productivity, and excellent organisation. According to Kissflow (2023), time management in project execution refers to the amount of time invested and the project's progress. It is a primary concern of project managers and one of the key elements of project management.

Proprofs (2023), sees project time management as the set of abilities, resources, and methods that project managers employ to control their time as they work on project-related tasks. Badgujar (2022) added that time management in project execution pertains to the procedures associated with establishing project schedules as well as monitoring and controlling the amount of time spent on each activity and the project as a whole.

Concept of Cost Minimization in Project Execution

In the realm of economics, cost minimization refers to the idea of lowering project execution expenses without sacrificing project quality. Cost minimization is the rule by which manufacturers aim to determine the ideal balance between two inputs in order to have the most productive output at the lowest possible cost, however, Within the context of project management, cost minimization refers to the method by which a project manager determines the most economical ways to carry out a project while maintaining the level of quality and standards expected of him or her, as well as ways to reduce lavish and needless spending.

The intentional attempt made by project managers to manage the resources at their disposal for a project without having to incur additional costs is known as cost reduction in project execution. According to Edem (2010), cost minimization is the process of assigning a similar cost to each resource and assuming that they all have the same value. When it comes to project execution, cost minimization refers to the strategic management approach meant to decrease costs and maximise resource utilisation during the course of the project. This idea is essential to meeting project goals within the allotted spending limits and time frames. (Kerzner, 2023). Careful planning and budgeting are essential components of cost minimization as they help to identify potential cost drivers and reduce risks at an early stage (Project Management Institute, 2017).

Project managers can reduce the possibility of cost overruns by anticipating difficulties and allocating resources effectively through the completion of comprehensive feasibility studies and risk assessments.

Moreover, efficient supplier management and procurement are essential for cutting costs. It is possible to reduce costs without sacrificing quality by negotiating advantageous contracts, taking advantage of economies of scale, and building solid vendor relationships (Cleland & Ireland, 2007). Furthermore, implementing lean concepts and using technological innovations can simplify operations and get rid of waste, which can save a lot of money (Martin and Osterling, 2013). In order to stay within budgetary

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restrictions, project teams can quickly detect inefficiencies and take corrective action by using continuous monitoring and performance reviews.

Concept of Project Execution

Project implementation is another name for project execution. The most important part of the project life cycle is project execution, which is the third phase. The execution phase of the project, where the plan developed at earlier phases of the project life cycle is implemented, is when the majority of the work is done. In order to carry out the project execution plan, the project execution phase entails carrying out a number of tasks, or what are known as the project execution steps, including initiation, planning, execution, and closing. Project execution, the third and most important stage of the project life cycle, is defined by Malsam (2023) as follows: Project deliverables must be created at this phase and presented to clients and other important stakeholders. This is, without a doubt, the most demanding and longest stage of the project life cycle. Effective time management, planning, and teamwork are usually involved in the completion of this project.

In addition, Davis (2024) noted that a project execution strategy is necessary for a problem-free project execution. The project life cycle culminates in execution, which entails carrying out the tasks and operations outlined in the project plan. The project life cycle consists of three phases: initiation, planning, and execution. The purpose of a project execution plan is to lay out a strategy for carrying out the project in a way that meets all of the specified criteria. In addition, as Yanthan (2023) pointed out, the execution of a project follows the scheduling and planning phases. Project execution, the third step of a project life cycle, is carrying out the work and putting the plans into action. Project management, supervision, and execution all begin with well-thought-out plans. To guarantee that the designated duties are in keeping with the project's objectives and that strategies are in place to accomplish them, the plan acts as a roadmap.

There is strict adherence to the project plan throughout the whole execution period. The major emphasis of a project's time and effort can be defined by its planning and schedule. There are challenges to overcoming throughout project execution, but having the right tools for project management makes it easier. (Prowork Flow 2021). All the activities required to complete a project are part of the project execution phase, which is the third stage of the project lifecycle. Project ideation, evaluation, and authorization are part of the project beginning and planning phases, respectively. Even the most meticulously planned project will be useless if not carried out correctly, making the execution phase of the project paramount (Hexagon, 2024).

According to Roberts (2023), project execution is the stage of the project life cycle in which the project team produces the results and outputs. This phase is the most crucial and complicated since it entails managing a number of factors, including quality, communication, risks, resources, and changes. It also entails generating the appropriate deliverables and making sure the project continues on track to fulfil its goals. Similarly, Eby (2021) observed that fulfilling business objectives and providing value to stakeholders depend heavily on project execution. The actions a team takes in the third stage of the project lifecycle are referred to by this term. Deliverables for clients and stakeholders are produced during this active period of the project. Project execution is the stage in which a project progresses from planning to completion.

Project Management Approaches and Methodologies

According to Coursera (2023), there are essentially five well-known approaches to project management, and these are as follows:

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Waterfall: The waterfall method is commonly associated with traditional project management.

Following traditional techniques involves completing a project in a sequential and predefined manner, similar to how a waterfall cascades over a series of rocks. When facing strict project objectives and minimal plan adjustments, the waterfall approach is often chosen. When working on projects like home construction, it's important to use the waterfall technique when one phase must be completed before the next can begin. This method is suitable when a clear end point is necessary due to various factors like budget constraints, schedule limitations, or legal obligations.

Agile: The method of managing projects known as agile is based on taking small increments, or incremental developments. Because of its adaptability and the ease with which alterations may be incorporated, it is a recommended option for projects that involve a number of elements that are unknown and new advancements. When applied to projects in domains that are inherently volatile or have limited early access to information, agile methodology is one of the most beneficial approaches. It is because of the numerous changes that occur in software development that agile project management has grown increasingly popular. It is also possible to use an agile methodology while releasing a new product and not fully comprehending potential problems until the project is virtually out of the way.

Lean: Lean, the project management methodology, has its roots in the manufacturing sector. Our goal is to reduce waste and improve productivity. Emphasizing client value and outlining the entire project from the start to identify value creation opportunities and reduce waste are two fundamental Lean principles. Implementing a lean method can improve project management by cutting costs, speeding up project timelines, and boosting client satisfaction. Best suited for projects that are expected to require flexibility and adaptability.

Scrum: Scrum stands out as the predominant Agile method, embraced by more than two-thirds of Agile practitioners. Scrum employs Agile principles to maintain project structure and advancement with small teams, short development cycles, regular communication, and assigned tasks. Scrum proves to be a valuable asset for projects requiring ongoing adjustments and flexibility. Similar to Agile, it is frequently applied in projects within industries that expect uncertainties or rapid changes.

Kanban: In Japanese, the word "kanban" literally means to "signboard," and it is used to refer to a technique that is used to visualise the process of a project. Kanban is a method of organising tasks for a project by displaying them on a physical or digital board in the form of cards or columns. As each assignment is finished, the cards are moved to the next column in the deck. The Kanban technique places an emphasis on a process that should be ongoing. As a result of its visual task display, Kanban is an effective tool for projects that involve several activities at the same time. It is standard practice to combine Kanban with other techniques such as Scrum or Lean.

Effects of Project Management Strategies on Time Minimization

Reducing project timelines and guaranteeing work completion on time are made possible in large part by effective project management. Efficient project management methodologies comprise an array of tactics and approaches designed to maximise assets, synchronise tasks, and minimise setbacks.

Improved planning and scheduling is one important way that project management reduces waiting times.

Project managers can construct a roadmap for project execution by conducting comprehensive project planning, which includes defining objectives, identifying activities, estimating resources, and creating timetables. This can assist to streamline procedures and allocate resources effectively (Kerzner, 2017).

Project management also makes it easier to allocate and use resources effectively, which helps to shorten project timelines. Project managers can guarantee optimal resource utilisation, minimise waste, and avoid resource shortages or bottlenecks that may cause delays by determining resource

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requirements, strategically allocating resources, and closely monitoring resource utilisation throughout the project lifecycle (Pinto and Slevin, 2019).

Risk management is a crucial component of project management that also affects time reduction. Project managers should foresee possible delays and take preventive action to lessen their impact by proactively identifying, assessing, and mitigating project risks. Project managers can reduce the probability and impact of interruptions by creating risk response methods and backup plans, which will help to maintain the project's timeline (Hillson and Murray-Webster, 2017).

Furthermore, the reduction of project timeframes is greatly aided by efficient communication and teamwork, which are essential elements of project management. Efficient coordination among project team members, stakeholders, and other pertinent parties is facilitated by clear communication channels, frequent progress updates, and collaborative decision-making processes. Project managers can guarantee that activities are completed on time, issues are resolved on time, and project goals are met within the allotted time by cultivating a culture of openness, responsibility, and cooperation (Schwalbe, 2018).

Effects of Project Management Strategies on Cost Minimization

Project management techniques are necessary for any organization's project to succeed. Cost management is one of the most important facets of project management. The use of project management techniques is crucial in figuring out a project's total cost. The selection of project management techniques has a big impact on project expenses. Conventional approaches, like waterfall, frequently entail sequential procedures that, because of their rigidity, could raise expenses. The Agile approach, on the other hand, places more of an emphasis on flexibility and ongoing input, which may lower the likelihood of budget overruns (Smith, 2018).

The agile approach prioritises iterative development, adaptability, and ongoing input. Teams may adjust to shifting needs and priorities with this approach, which may lower the possibility of expensive rework that comes with waterfall methods. Agile's emphasis on producing incremental value makes it possible to identify problems early on and reduce their financial impact on the project. In order to maximise value for the consumer, a lean strategy seeks to reduce waste and optimise operations. Through the identification and removal of non-value-added tasks, lean project management can lower needless expenses and boost overall productivity. Just-in-time delivery and value stream mapping are two tactics that reduce resource usage and optimise operations, which lowers costs.

A crucial component of project management is efficient risk management. Project managers recognise and reduce risks that could result in unforeseen expenses. To minimise the impact on the budget, project managers must employ a thorough risk assessment technique and create backup plans to handle unforeseen issues (Kerzner, 2019). The core of cost minimization is the effective distribution and optimisation of resources.

Effect of Project Management Strategies on Successful Project Execution

It is quite obvious that project management strategies to a large extent contribute to a successful project execution. The effectiveness of project execution is largely determined by the tactics used for project management. Throughout a project's lifetime, project management progressively integrates different functions to meet stakeholders' and constituents' needs in line with the project's specified requirements.

In addition to offering a clear plan for improved teamwork, project management techniques help boost output and efficiency. Strategic approaches have an impact on several aspects of project execution, including effective planning, risk reduction, stakeholder involvement, resource optimisation, and project quality overall. Among the ways that project management techniques affect how projects are carried out are:

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https://globalresearchnetwork.us/index.php/ajebm Improved Planning and Scheduling:

One of the most important results of using efficient project management tactics is improved planning and scheduling, which has a big impact on how well projects are executed overall (Kerzner, 2017). In order to efficiently originate, plan, execute, control, and close projects, project managers apply methodologies and tools (Schwalbe, 2018). By employing project management methodologies, entities can augment their capacity for organising and arranging tasks, culminating in a more efficient and triumphant project implementation. By using several approaches including resource levelling, Gantt charts, and critical path analysis, project management strategies help to enhance scheduling (Schwalbe, 2018). With the use of these tools, project managers may develop realistic and attainable timetables that take task dependencies and resource limitations into account. The capacity to develop precise schedules is essential for project execution since it minimises delays, optimises resource use, and increases overall project efficiency (Kerzner, 2017).

Risk Management:

One of the most important parts of carrying out a project is managing the risks associated with it (Kloppenborg, 2019). In order to improve a project's chances of success, project managers must find, assess, and eliminate potential threats (Schwalbe, 2018). Organisations can enhance project outcomes by proactively managing risks by implementing strong project management practices. The identification of potential hazards during the planning phase is a crucial component of risk management techniques in project management (Schwalbe, 2018). This necessitates a systematic investigation of all potential external and internal factors influencing the project's result. Project teams can create mitigation plans and contingency procedures to manage possible difficulties before they escalate by recognising risks early in the project lifecycle (Kloppenborg, 2019). Incorporating risk assessment and prioritisation processes into effective project management strategies allows project teams to concentrate their efforts on addressing the most significant risks (Schwalbe, 2018). By addressing high-impact risks with efficient resource allocation, the possibility of project disruptions is reduced.

Stakeholder Communication:

Effective project management techniques have a major impact on stakeholder communication, which is a crucial component of project execution (PMBOK Guide, 2021). Finding and involving different stakeholders that have an interest in or influence over the project is a crucial part of project management (Schwalbe, 2018). Organisations can guarantee project success, promote cooperation, and improve stakeholder communication by implementing strong project management practices. The identification and analysis of stakeholders at the project commencement phase is a crucial component of project management methods pertaining to stakeholder communication (PMBOK Guide, 2021). This entails evaluating the influence, expectations, and interests of any people or organization’s that the project might have an impact on.

Conclusion

The interplay between project management strategies, time management, and cost minimization is paramount for project success. The diverse methodologies explored, including waterfall, agile, lean, scrum, and kanban, shed light on their unique contributions to timelines, resource allocation, risk mitigation, and stakeholder communication. Efficient project management techniques, encompassing meticulous planning and continuous communication, prove indispensable in navigating projects to fruition. As organizations embrace these strategies, they position themselves to achieve predetermined objectives within specified constraints, demonstrating the indispensable role of strategic project management in optimizing outcomes while minimizing both time and cost.

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https://globalresearchnetwork.us/index.php/ajebm Recommendations

1. It is crucial for project managers and all personnel concerned with project execution to continuously evaluate and optimize resource utilization to prevent bottlenecks and unnecessary expenses.

2. Project managers should always engage stakeholders throughout the project lifecycle, and ensure that he seeks their input and feedback for such collaborative approach fosters a shared understanding of project goals, reducing the likelihood of misunderstandings that could lead to time and cost overruns.

3. Project managers should always tailor project management strategies by selecting a methodology or more (waterfall, agile, scrum, etc.) as the case may be, that aligns with the project's nature and requirements. This engagement could enhance efficiency and addresses specific challenges.

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