During the planning phase of project management, both time and money are crucial. Timewise, the longer your product takes to develop, the more money you will have to seek from investors yet your product will have a higher potential to succeed. On the other hand, the less time you take to develop a product, you will not have to rely on stakeholders to invest but the likelihood of having a beneficial product may be extremely low. What do you think is more important to consider in the planning phase between time vs. money?
During the planning phase of project management, both time and money are crucial. Timewise, the longer your product takes to develop, the more money you will have to seek from investors yet your product will have a higher potential to succeed. On the other hand, the less time you take to develop a product, you will not have to rely on stakeholders to invest but the likelihood of having a beneficial product may be extremely low. What do you think is more important to consider in the planning phase between time vs. money?
I think that time is more important. If you take your time and create something beneficial it will create more money in the long run. If you rush to get something out and it is not your best work it will reflect that. If you pitch a great idea the money will come because people believe in the vision and see the potential. I personally don't think you should worry about the money you should always want something that will have value over the years and be able to profit more ways than one. If the quality is great everything else will follow.
During the planning phase of project management, both time and money are crucial. Timewise, the longer your product takes to develop, the more money you will have to seek from investors yet your product will have a higher potential to succeed. On the other hand, the less time you take to develop a product, you will not have to rely on stakeholders to invest but the likelihood of having a beneficial product may be extremely low. What do you think is more important to consider in the planning phase between time vs. money?
Wow this is a very great question. Personally I believe that time is more important to worry about so that you can make a quality product. This is so in the end the product can turn a profit. Yes you may have to rely on some stakeholders to invest and this is a great way to also ensure that the money that is needed will be there. If one focuses only on the money this can lead to a product that no will buy and you end up back to the drawing board to plan and see exactly what went wrong. Which is essentially spending more money. So time is very important when in the planning phase because everything else will fall into place if the idea is lucrative.
During the planning phase of project management, both time and money are crucial. Timewise, the longer your product takes to develop, the more money you will have to seek from investors yet your product will have a higher potential to succeed. On the other hand, the less time you take to develop a product, you will not have to rely on stakeholders to invest but the likelihood of having a beneficial product may be extremely low. What do you think is more important to consider in the planning phase between time vs. money?
I do not believe this to be completely true. A company could developer a product in a short time but it still cost millions of dollars to do so. This because the equipment and or people needed to work on the project could be five times more cost then another project that took five years to develop but did not need costly equipment or staff.
Good day,
Excellent question. As a business owner, I think both are equally important. However, if I had to choose, I would say money is first for me. A project can have all the time in the world, however, if you run out of money, then there would be no project to finish. A company must ensure that they are not depleting their budget, that can affect the stakeholders’ decisions to invest in the company.
This is a very controversial topic. With spending time, we can earn more money, but with money we can’t buy time. However, money is needed for the completion of a project. I think a balance of both is needed in the planning phase so that the project can be competed efficiently and successfully. If I were to choose one I would choose time over money as it is valuable and much needed to set the goals and reduce the risks of a project in the long run.
I would agree that time is more valuable as at the end of the day, time is money. Though the short term gains of an accelerated timeline is completing the task earlier and saving money on resources, in the long run it can actually be more expensive and time consuming to fix issues that may arise with the product. Taking the time to do it right the first time around saves the company a lot of money and time in the long run which is far more valuable than the short term gains.
I completely agree with @ridmehta , I would also argue that time is more valuable. @ridmehta raises a great point by discussing how cutting corners and getting a project done quickly can ultimately become more costly in the long term to correct for problems that can arise. I also think that for medical device companies, this is a key point of discussion. If a medical device is rushed, it can lead to a faulty product, injury, death, and expensive lawsuits. We learned during the lectures that the final device manufacturer is legally responsible for the product, so for a company to minimize lawsuits and maximize profits (a key objective of a business), then taking their time to make sure a product is done correctly is a worthwhile activity. In addition, its the right thing to do. Putting a faulty or rushed product on the market is unethical and can directly lead to harming patients the products are intended for.
Does anyone agree/disagree?
Thanks,
Matt
In my opinion, time is more valuable than money because a project that is well thought out is likely to be more successful, and therefore generate higher profits. It is like an investment; you have to spend money to make money. Profit margins should be the main focus, which naturally follows the amount of effort (the same as time in this case) is put into the project. Additionally, a critical time point should be determined so that money is not lost. It can be an estimated guess leaning towards the shorter time estimate range allowing for some leeway.
Like many others in this thread have said, there is a balance between money and time and you cannot be successful with just solely one or the other. It is often said that "time is money" and while that statement is true, it can also be used the other way around. The tradeoff from each of those concepts happens because as you can more of one, it starts to cut into the other one. For example, pertaining to a project management mindset, the more time you put into the project, whether it be the planning phases or any other process before it is completed, the greater the outcome will most likely be but at the same, the less time that this project will have to make profits for the company or achieve whatever its goals may be. While spending a lot of time on a project is not necessarily a bad thing, it is important to keep in mind the opportunity cost that taking the extra few weeks to improve on it might have. On the other hand, if money is a bigger driving factor, then less time might be spent working on it and to leave more time for it to generate revenue. With this scenario, spending less time on it might make its efficiency much lower than the previous example so while it had more time to generate revenue, the quality will lead to less revenue being generated for the time it has been going. The most important part to remember is that careful planning and consideration are needed to decide how much resources need to go into the planning and how much potential revenue is worth the time is taken to work on improving the project.
This is a really great question! I agree with many of these opinions that time is more valuable than money. @mmd55 brings up a great point about rushing a product and having it led to client or patient injury and death. Not only would this cause the company a large amount of money in potential lawsuits and refunds but depending on the gravity of the situation could lead to a loss in the company credibility. If the product is harmful to many people and it becomes well-known, new clients may be deterred from buying other products from the company. They could fear that the company does not care what happens to them or does not take the time to invest in proper safety equipment or time to properly inspect their products. This would also take a lot of time and money to fix and save the company’s name. As others have also said, it is the morally right to put out a product that has been thoroughly made and tested to the best of the companies’ ability; many biomedical products have the possibility to sustainably improve people’s daily life and it is really important to remember that in the design and testing process.
i think it is totally depend on the project you are assigned to. if the project can be endanger to customers life. it make sense to spend more time on this project. such as design new drugs, cars or airplanes. but if the project is like some kind of phone app or something won't hurt people spend less money well be important. even if there are some flaws you always get change to fix them.
This is an interesting question since an argument could be made for either choice, and I agree with my peers that a balance between both is key and specifically the comment made that "Time is Money." However, if there's no money there won't be time to do the project. Similar to Troy I am a business owner with my family, and because of my experiences, I am partial to money in this argument. Yes "Time is money" but if there's no money then time means nothing because nothing can be done. The phrase itself comes from emphasizing making use of time to maximize gain, so yes the more time you take to perfect a project the more profitable it'll be down the road, but It's the money that makes all the time in the world possible. So the situation is definitely reliant on margins, however, I believe money is more important.
I do agree with @leshan's statement of depending on the project, if time or money should be placed firsthand. A project that has more severity, such as an internal implant would definitely be a more time focused project rather than a smaller device that could always be altered and a lot of money saved by utilizing a shorter period of time. The risks of the project should be analyzed first, and higher risked projects should have time prioritized over money because if the project severely fails, it could lead to lawsuits, deaths, and overall a failed expensive project is a lot of money lost.
I think ultimately with business, most things if not everything revolves around money. Like most people said here, if we take too long to develop a product, we could be spending more money out of budget or we can even be outrun by other companies creating same product.
Rather, it's ideal to focus in creating a balance between money and time to have a quality product. Because with quality comes reputation and with reputation comes money. If we spend too long to perfect a product beyond necessity, we lose both money and time. Thus having a clear goal and desired function of the product will ensure the cutoff limit of both money and time.
