The ability to meet deadlines for meeting goal is a reliable metric for assessing performance of any project. It hold you accountable for your own goals and give you a momentum for moving in a positive direction. It is helpful in prioritizing the activities and focus only on what is s most important for the project success. Setting deadline for the project encourage innovation and creativity. According to bestselling author and speaker brian tracy, setting deadlines increases the likelihood of success by as much as 11.5 times. However while setting deadline adopt the smart (specific, measurable, attainable, relevant, time-bound) framework that will promote creativity and innovation in a specified time frame. Folling paper link may be more helpful in getting subject insight.
Every project (including one to develop an innovation) requires that the scope, budget and timeline be stated, but that uncertainties should also be kept in mind.
Deadlines help to focus effort, and to monitor progress using pre-determined milestones. When significant (potential) delays are identified, decisions can to be made to put in some adjustments, mitigate, seek extension to the deadline or to to cancel the project. Without deadlines, it is often difficult to keep on schedule.