real-time

(noun)

Communication occurring in that instant, necessitating immediate response and engagement (i.e. conference call, business meeting, etc.)

Related Terms

Examples of real-time in the following topics:

  • Using Technology to Communicate

    • Some technologies support simultaneous, or real-time, interaction, including among individuals in different locations.
    • Other communication tools are asynchronous, meaning messages may be transmitted by senders and processed by recipients at different times.
    • Many mobile apps used on tablets and smartphones allow for both real-time and asynchronous communication.

  • Internal and External Control

    • Concurrent control is active engagement in a current process where observations are made in real time.
    • A set of processes are implemented to monitor project execution to discover and solve problems or potential problems in a timely manner.

  • Gantt Charts

    • Gantt charts display the duration of steps in a project and are used by project managers to track the time and sequence of each step.
    • Gantt charts enable real-time tracking of each phase of a given project (or series of projects), and allow managers to quickly update and communicate broad arrays of information chronologically.
    • Because Gantt charts focus primarily on schedule management, they represent only one of the triple constraints for project management (cost, time, and scope–Gantt charts show only time).
    • Additionally, each task has three time estimates: the optimistic time estimate (O), the most likely or normal time estimate (M), and the pessimistic time estimate (P).
    • The X axis displays the expected duration of the project and the bars show how much time each step of the project is expected to take as well as when the step will take place in relation to the rest of the project.

  • Project Management Inventory

    • For example, if a given project involves perishables (such as food), there is a definite time limit on product value–once perishables spoil, their product value is zero.
    • Time - Time lags in the supply chain at every stage from supplier to user require PMs to maintain certain amounts of inventory to use in this lead time.
    • PMs can use technology to track real-time inventory statistics.
    • These little tags communicate vast arrays of location data to inform timing processes and ensure proper inventory levels.
    • Different components of the code reflect position, alignment, and timing.

  • Interpersonal Skills of Successful Managers

    • A manager must be both analytical and personable when it comes to managing time, resources, and personnel.
    • Conversely, team leaders who are admired and loyally followed are those who show concern for the team members as individuals with real needs and who place their team above their own personal agendas.

  • Issues in Marketing

    • The latter occurs because any analysis of real populations needs to make approximations and place individuals into groups.
    • Planned obsolescence is a policy of designing a product with a limited useful life, so it will become unfashionable or no longer functional after a certain period of time and put the consumer under pressure to purchase again.
    • A pyramid scheme is a non-sustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public .

  • Financial and Budgetary Controls

    • One way to determine whether the budgeting plan is being adhered to is to compare the budget allotted for a certain period of time with the actual amount of money spent during that time.
    • Financial forecasting calculations, such as payback periods, calculate the period of time required for the return on an investment to repay the sum of the original investment.
    • Payback period is limited by the fact that it does not include the time value of money; that is, people prefer to receive money sooner rather than later.
    • Net present value (NPV) is a financial forecasting calculation that does include the time value of money.
    • This is a complex financial forecasting model that derives real rate of return using interest and inflation to localize currency chronologically.

  • Characteristics of Innovative Organizations

    • In the deep recession of the early 1990s, Nokia's management concluded that the only real competitive advantage they retained was a very efficient communications system developed in the 1970s that helped them keep in touch with their remote logging operations.
    • There is therefore a balancing act between enabling employees to try new things and take risks vs. ensuring that tasks are completed on time with reasonable success.

  • Financial Rewards for Managers

    • These incorporate real-life situations that have happened in the past as a method for practicing decision making and assessing performance.
    • Mentoring is usually accomplished by allowing an outside observer to evaluate and suggest improvements for newer employees who have had less time to develop in a particular role.

  • Monetary Employee Compensation

    • Variable pay is common in industries such as real estate or insurance, where pay is based on commission or the amount of sales generated by the employee.
    • Bonuses represent another type of variable pay, one based on an employee's performance during a certain period of time.