Final answer:
When dealing with a project where there are significant penalties for late delivery, it's crucial to create a realistic project schedule, communicate effectively with team members, and monitor progress carefully. Include buffers in the schedule for unexpected issues and always have a contingency plan ready.
Step-by-step explanation:
When developing your project schedule for a project where "time is of the essence" and there are stiff penalties for late delivery, prioritization and schedule accuracy are paramount. It is crucial to develop a realistic and detailed project plan that accommodates all necessary tasks and milestones. Consider the various factors such as resource availability, potential risks, and dependencies between tasks.
Communicate with your team members to understand their capabilities and time constraints, especially if they are juggling multiple projects. This might require reallocating resources or adjusting task assignments to ensure that your project stays on track. Additionally, oversee the progress diligently and consider building in buffer times to account for unexpected delays. Regularly update your stakeholders on the progress and any risk of delay in the project completion.
Finally, be prepared to execute contingency plans in case of any risks materializing that could push your timelines back. Since the project involves severe penalties for late delivery, it might also be beneficial to negotiate with other teams or prioritize tasks in your own workload to mitigate any delay risks on this project.