Why Float Matters?
- Schedule Flexibility: The term ‘float’ refers to the flexibility that the project schedule has. This is the number of days the end of a task can be pushed by without affecting the entire project delivery date. It is due to this flexibility that the organisational framework can allow for unforeseen issues, changes or delays while the course of the project is being executed.
- Critical Path Identification: The critical path is the order of activities that identifies the least amount of time for executing the project. The critical path having zero float means a delay in any of the tasks in the critical path will have a cumulative effect on the project completion date.
- Risk Management: These are the tasks that have either no float or the float is least and hence more prone to causing delays. Understanding float equips project managers with the necessary tools for risk assessment related to individual tasks in addition to prioritizing efforts to prevent slippage on absolutely critical tasks.
- Resource Optimization: Analysis of float is important in an efficient use of resources. Higher priority tasks with the biggest duration of the float can be scheduled more flexibly to achieve efficient resource utilization and minimize the order of resource conflicts.
- Early Warning System: The monitoring of variation in float values acts as a breaker for the project to move forward or to delay the project. This can be also interpreted as an early alarm if critical tasks float keeping in mind that they are close to their limits so some timely intervention is needed.
- Performance Measurement: Floats can be utilized as a reference that compares actual project performance against planned performance. The deviations of the actual float values show how the project is being realized correctly.
- Contingency Planning: Floating makes available all the information for contingency planning which can be good. The knowledge of available slack allows project managers to dedicate extra time for key activities or to adjust the method of accomplishment if unforeseen problems appear.
What is Float in Project Management?
Experienced project managers are aware that even the best-laid plans can backfire. Those project managers utilize float to control delays and drive the project towards on-time completion rather than allowing a delayed job to derail the entire project and disrupt delivery. However, what does project management float mean? And what role does float play in supporting different project management frameworks for PMs?
Table of Content
- What is Float in Project Management?
- Types of float
- What Is the Critical Path?
- How to calculate float in project management?
- An example of float in project management
- Why Float Matters?
- How to use float for better project management
- Conclusion
- FAQs on Float