Project lifecycle management (PLM) is a process that helps organizations manage the entire life cycle of their projects. It involves planning, executing, and controlling the activities of a project from its inception to completion. PLM helps organizations ensure that their projects are completed on time, within budget, and with the desired results.
Project lifecycle management provides numerous benefits to organizations. It helps them plan and execute projects more efficiently, reducing costs and increasing productivity. PLM also enables organizations to track progress and identify potential problems before they become major issues. Additionally, it allows teams to collaborate more effectively by providing visibility into each team member’s tasks and responsibilities.
Time tracking is an important part of project lifecycle management. By tracking how much time is spent on each task or activity, organizations can better understand where resources are being allocated and identify areas for improvement. Time tracking also helps teams stay on top of deadlines and ensure that projects are completed on time. Additionally, it can be used to measure employee performance and ensure that everyone is working efficiently.