What is Float Project Management and what are the Benefits of It?

What is Float Project Management and what are the Benefits of It?

If you’ve been working in project management for quite some time, then you have presumably heard about float project management. While it is not so famous as other project management structures, float project management can be an effective way to boost your projects and give your productivity a great rise.

Float or slack is the amount of time an assignment or task can be delayed without it affecting the overall deadline or other assignments in the project. Counting them can assist you to verify your project plans and make certain you recognize whether you’ll be able to finish projects on time.

What is Float Project Management?

What is Float Project Management?

Float project management is a kind of project management that assists you to verify your project plans and work out how much time individual assignments can shift without affecting the overall timeline or delivery date.

If you already have a reliable method of handling the assignments that make up a project but cope with resource management or resource scheduling, float project management can be an exceptional approach to evaluate your team’s time more precisely and stop projects missing their deadlines.

What are the Benefits of it?

Benefits of Float Project Management

Float project management is extremely helpful because it assists distinguish which tasks are ready to be affected by delay or restructuring without harming your overall project. It also assists you to stop cutting path tasks from being taken back or moved which then prevents your project from missing the deadline.

Being able to distinguish float or slack in your projects is especially beneficial. Finding compliance in your plans indicates you can improve resource scheduling without requiring additional client or management approval for new deadlines. 

How to Calculate Float in Project Management?

How to Calculate Float in Project Management?

If all of this seems beneficial to you, you’re apparently thinking about how to determine float time in your projects. Luckily, float can be readily calculated using the float time formula.

The float time formula works out float using the earliest and latest start or finish times for individual tasks. The formulas are:

  • Float = Late Start – Early Start 
  • Float = Late Finish – Early Finish

For illustration, let’s consider two tasks, Task A and Task B. Task B can’t start until Task A is completed and Task A takes 5 days. But in your schedule, you’ve allotted 15 days for Task A to be finished. That implies that Task A could start 10 days after the scheduled start date without affecting Task B. The float for Task A is then 10.

Strategies For Business Survival in Crisis: Business Guides

Strategies For Business Survival in Crisis: Business Guides

We often face times when our business suffers a crisis. With the spread of coronavirus pandemic over the world, for many firms and stakeholders, such a time has come. We’ve all endured the consequences of COVID-19. But for businesses, it’s way more serious than just being isolated at home. What to do and how to manage crisis management in such stressful circumstances? Here is business guidance for survival in a crisis.

Guidance for Business Survival in a Crisis

In this article, we will discuss some techniques that will help you to handle your business in this difficult time.

Guidance for Business Survival in a Crisis

What Is Business Crisis Management?

When an unforeseen situation interrupts your business’s performance, it endangers the company and the stakeholders. You need to respond promptly to find some useful ways to avoid the menaces and eliminate the crisis as soon as possible. And that’s what we call business crisis management.

Business Guides

Businessman Stop Domino Effect. Risk Management and Insurance Concept

It’s a method comparable to risk management; though, as Jodie Willmer, an expert in strategic planning, governance, and risk, defines the main difference between the two. In risk management, you need to identify, assess and mitigate any activity or event that could cause harm to the business.” In contrast, crisis management is related to “responding to, managing and recovering from an unforeseen event.”

How Do Organizations Manage Crisis?

According to some business analysts, there are three types of business crisis management:

  1. Responsive crisis management: providing a strong crisis management program, so when the crucial time comes, the business has all the essential means to manage it. It can normally be seen at companies with influential market culture and a reliable business plan.
  2. Proactive crisis management: this type of process occurs when a business is suspecting the crisis to occur; it provides a management crisis strategy and executes it accordingly.
  3. Recovery crisis management: this type adopts a scheme where a business discovers the root of the crisis that it’s suffering and takes appropriate actions to resolve it.

These, of course, are common strategies for crisis management. Though, in an unanticipated crisis of unfavorable situations, it may not be useful to use such tactics. That’s where you need to refocus your efforts on more beneficial techniques.

How to Make Project Cost Breakdown?

How to Make Project Cost Breakdown?

Every project needs a proper planning before execution. Making work scope and estimating the time and resources for the completion of any project because it provides the basic idea of the next important step; estimating project cost. Though initial estimates are hardly accurate, it is possible to increase the accuracy by creating project cost breakdown and in these business guides will help you to do so.

In any case, clarity and logical structure of the cost breakdown is a must. Structuring a cost breakdown clearly and correctly is a tedious task, but it is important for future communication with clients and for a better understanding of how costs can be managed in the course of the project.

Project Cost Breakdown

In different project evaluation schemes, project cost breakdown can be used for producing more precise assessments of the ultimate figures. Given below are the tips to create a project cost breakdown.

Expert judgment

Expert judgment - Project Cost Breakdown

Experts’ evaluations used to make up for the lack of transparency in existing cost breakdown can control cost drivers where more clarity is needed. While this approach is used to come up with more precise calculations, a notable difference between the planned and the final figure is still possible.

Analogous estimation

Analogous estimation

Comparing estimations based on cost breakdown for earlier projects with new similar ones assists improve estimation methods and get a more detailed evaluation of project costs, profitability, and overall outcome.

Bottom-up analysis

Bottom-up analysis - Project Cost Breakdown

Planned project costs are structured on the basis of the costs of small tasks, services, and product parts. High efficiency is obtained by taking into account all cost drivers, including costs of everyday works, overhead, and potential extra costs.

Top-down analysis

Top-down analysis

A top-down cost structure can be used for coming up with a ballpark assessment of the final cost. When using it, it’s necessary to factor in different supplementary costs not included in the initial assessment.

Parametric estimation

Parametric estimation

This estimation process can be used with cost structures where cost drivers are predictable and calculable. On the basis of existing data, various parameters can be determined with a high precise degree.

What is Multitasking and how does it affect Your Brain?

What is Multitasking and How Does it Affect Your Brain?

We generally think of multitasking as our attempt to do multiple things at once. It’s just like the busy receptionist of any organization who is getting calls, dealing with clients, and taking files. Or just like a project manager spending all day in the office while writing reports, managing employees and getting updates from coworkers. But have you ever wonder what multitasking does to your brain? Learn now.

According to Dr. Meyer, trying to split your attention between tasks that require effort and concentration means one or both of them will suffer:

“Once you start to make things more complicated, things get messier, and as a result, there’s going to be interference with one or more of the tasks. Either you’re going to have to slow down on one of the tasks, or you’re going to start making mistakes.”

What Multitasking does to your brain?

What Multitasking does to your brain?

Many other studies have found that excessive multitasking has severe consequences on our mental and physical well-being.

  • Impacts your short-term memory:A 2011 research study from the University of California San Francisco found multitasking adversely affects your working memory—your brain’s “Scratchpad” used to control and concentrate on important knowledge.
  • Leads to prolonged anxiety: Neuroscientists state that multitasking literally consumes your mind’s power reserves, making you lose focus and become more worried.
  • Hinders creative thinking: Added stress and a shortage of brain “energy” caused by multitasking can also cause you to waste your capability to think outside the box. To be inventive, our minds need space to understand or “hatch” new ideas.
  • Prevents you from getting into a state of flow:Flow is the state of mind where we’re so concentrated on a task that our productivity skyrockets. (In one instance, officials said they were 500% more productive while inflow). Though, flow needs sustained energy and locus. Something multitasking gets in the way of.
  • Causes more mistakes and less productivity:Various investigations have found that multitasking causes people to take longer to do easy tasks, lower your IQ by an average of 10 points, and can even have the same adverse impression as losing a night’s sleep.
How to Organize Your Day at Work?

How to Organize Your Day at Work?

There are times and situations when we thought that we could’ve done more work or possibly faced some situations when some critical tasks were left unfinished by the end of the day. How about the feeling of misused time? It happens because of a lack of strategy for organizing our day. If any of those situations feel familiar, it’s important to do some organizing. In this article, we will tell you some simple tips on how to organize your day at work.

Organize Your Day at Work

Be on Time

Be on Time - Organize Your Day at Work

Reaching at your workplace on time isn’t just an everyday habit. It assists you to stay focused and confident and gives more time to get ready for the day’s work. Not to mention leaving a big impression about you on your coordinates and managers.

Make To-Do List

To-Do list

It is productive to make a better list of tasks that needed to be done before you start working properly. Start with the most crucial ones — those need to be done first. This will allow you to concentrate on them more and give sufficient time to complete them precisely. The simple and short ones should be left for later, as you won’t need much focus to finish them. Note that your list can be digital — it’s more comfortable and more natural to operate.

Check your mail

Checking emails

Checking your email before doing important work should be a rule, as it can distract you later. While checking your inbox center on the most relevant messages and respond only to the most critical ones. It’s straightforward to misplace yourself in checking your email continually, so keep it to a bare minimum — no more than 3-4 check per day. The same is the case with checking voice mails.

Reward Yourself

Reward yourself

Motivation and recognition are very essential for productive work. So it’s great to present yourself small rewards after finishing a tough task. Even something as minute as a tea break can work phenomenally after an obnoxious meeting with a client.

Take Breaks

Take short breaks - Organize Your Day at Work

Even on the most hectic day, you need a pause. Continuous work produces a lot of stress and isn’t as powerful as you might imagine. Your mind and body require some downtime every now and then. It’s best to spend your break outside your workplace, as it assists you to relax and tackle the difficulty later with new enthusiasm. Frequent breaks are great for maintaining your productivity high every day.

Avoid Multitasking

Avoid Multitasking

It takes a long time to regain your concentration on the task at hand if you take your focus away from it, it will take you much more time to regain it. So if you need to be productive, set your mind on one task at a time. As a non-focused mind is not useful for productivity and achieving a desirable goal. 

Be Realistic

Set realistic goals

Confidence is helpful but you should keep it in line at the workplace. Your goals must be realistic and you have to recognize that it can be tricky to accomplish everything you’ve planned for a particular day. The same task will be presumably left for the next day. Just try to organize the remaining tasks for the next day. This will assist you to be free of depression and anxiety.