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?
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?
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?
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.