Time-to-market is one of the crucial factors that can justify project crushing at the moment. Speed has become a competitive advantage as a result of fierce global rivalry and quick technical advancements. Companies must quickly identify new possibilities, form project teams, and provide new goods or services to the market in order to flourish (Larson & Gray, 2018). High-tech businesses are maybe the only ones where speed is as crucial.
Business success relies not only on swift technology development but also on the ability to adapt. Economic downturn and energy problems have startled the corporate world, and the organizations that remain will be those who can promptly adjust to new circumstances. Within the scope given, this calls for quick project management (Larson & Gray, 2018). For instance, there have been many cases when I had limited resources to conduct a comprehensive research, the only way to fulfill it is to adapt and minimize costs. The latter also implies crashing the scientific project to reduce the related expenses.
Another frequent reason for shortening project duration is when unanticipated delays, such as bad weather, design errors, and equipment failure, create significant delays in the middle of the project. Time must typically be compressed on some of the other crucial tasks in order to go back on schedule. It is necessary to weigh the disadvantages of being late against the extra costs of moving back on course (Larson & Gray, 2018). When time is of the utmost importance, this is particularly true. For example, there was a situation when I was delaying the project due to poor Internet connection caused by bad weather conditions. I had not considered such an emergency, and was forced to rush.
Reducing project time can be profitable thanks to incentive agreements, which typically benefit both the project provider and the client (Larson & Gray, 2018). For instance, a contractor completed a tunnel across a river 13 months ahead of schedule and was compensated with almost $4.5 million. Users felt that the incentive value to the community was little, given that the tunnel was made available to the surrounding neighborhood 12 months earlier to relieve traffic congestion.
An additional justification for quickening project completion is forced deadlines (Larson & Gray, 2018). For instance, a politician could declare in public that a new courthouse would be ready in three years. Without taking into account the difficulties or costs of attaining such a deadline, such claims all too frequently become project objectives. I often face situations when a tutor sets a deadline that forces me to be in a rush.
Reference
Larson, E., & Gray, C. F. (2018). Project management: The managerial process (7th ed.). McGraw-Hill Education.