Lead time refers to the amount of time it takes for a project to be finished after it has been initiated. This can be estimated, but unexpected issues or changes in objectives can cause it to deviate from the initial projection if proper measures are not taken. For instance, a customer is on leave and we need an important input from him to proceed further. In project management, lead time refers to the duration required for completing an entire project or a significant phase of it. In Kanban workflows, lead time encompasses all three columns labeled "To Do," "Work in Progress," and "Work Waiting for Next Steps" once the task is added to the board. However, please note lead time is different from cycle time in Kanban project management, as cycle time measures the time taken to complete a task once work has begun on it. Cycle time starts when work on a task begins, not when it is added to the board.
Lag time refers to delays that occur between tasks, like unplanned vacations of critical resources that hinders progress. In project management, lag time arises when dependent tasks encounter delays, causing other tasks to wait until the issues are resolved. Unmanaged lag can lead to missed deadlines and budget overruns if contingency plans are not in place.Leads predict task durations while lags indicate how far behind a task is after its initiation. Lags do not take into consideration leads, yet leads might encompass numerous lags. Leads evaluate what is expected to happen, whereas lags measure actual progress. Both lead and lag indicators are crucial in project management performance evaluation.
By examining both successful and deficient areas, managers can pinpoint where improvements are needed. Through analyzing previous lead and lag indicators of recurring tasks or projects, patterns can be identified, leading to the implementation of changes that promote continuous improvement.