Lead Time
In project management, lead time is the amount of time it takes to finish a job or project action from the time it is started until it is finished. Lead time covers all the time needed to finish the job, such as filing time, waiting time, and travel time.
Lead time is an important measure in project management because it shows how long it will take to finish a certain job or action. This helps project managers plan and handle their resources better. By knowing how long each activity takes to complete, project managers can find possible bottlenecks and places where delays are likely to happen and take steps to prevent them.
There are two kinds of wait time: the time it takes to make something and the time it takes to get it to you.
Manufacturing lead time is the amount of time it takes to make a product or a part of a product. This includes the time it takes to get raw materials, handle the materials, and make the product.
Delivery lead time is the amount of time it takes to send a product or service to a customer or client. This includes the time it takes to handle the order, prepare the product, and ship it to the buyer.
In project management, you can handle lead time by optimizing the flow of the process, cutting wait times, making the process more efficient, and handling your resources well. By cutting down on wait time, project managers can make projects more efficient, save money, and make customers happier.
Usage
It is used in project planning / schedule management