Time Elasticity - who and what Determines the Correct Project Duration?

Abstract

Management of time and progress is a key element in achieving project success. In a classical time-cost-quality division, determining the correct duration of the project has obvious benefits and drawbacks for cost and quality. Generally, it is thought that cost increases at either end of the duration/time spectrum and similarly, quality is thought to decrease. We describe how the determination of project duration seems to fall between the various perspectives on project management. In a task-perspective, deterministic tools can calculate and predict optimal durations – but is no guarantee for success. In an organizational-perspective, the institutional economic theory may help us interpret the choices made by actors in the project tool chain – and which incentives and processes are needed. However, we present empirical evidence from the Norwegian construction industry, that reality often falls between the theory posited by either view. We propose to examine this span through a concept of time elasticity in between cost and value – where the flexibility and lack of pursuit of pace may be explained through an inherent elasticity in which cost and value is elastic within certain boundaries.