Understanding and Answering Questions on Floats or Slack in Project Scheduling

Why it is important:
Floats or slack is a critical concept in project scheduling which describes the amount of time that you can delay a task without delaying the project. Understanding floats or slack is vital for project managers to accurately forecast project timelines, allocate resources, and manage potential risks and delays.

What it is:
In project management, 'float' or 'slack' is the amount of time that you can delay a task without delaying the project or a succeeding task. There are two types of float: Free Float (time you can delay a task without delaying the immediate next task) and Total Float (time you can delay a task without delaying the project).

How it works:
Floats or slack time is calculated using critical path method (CPM). By subtracting the earliest time a task can start and finish (Early Start and Early Finish) from the latest time it can start and finish (Late Start and Late Finish), you can determine the float.

Exam Tips: Answering Questions on Floats or Slack:
1. Understand the concept: Ensure you understand the basic and technical definitions of floats or slack and how they are computed. Know the difference between Free and Total Float.
2. Practice calculations: Be adept with float or slack calculations using CPM. Practice problems that involve finding the Early Start (ES), Early Finish (EF), Late Start (LS), and Late Finish (LF) to determine the float.
3. Application to real-life scenarios: Be able to apply the concept of float or slack to real-life project scenarios, such as adjusting project schedules or handling possible project delays.