By Indeed Editorial Team Show
Updated September 2, 2022 | Published September 29, 2021 Updated September 2, 2022 Published September 29, 2021 The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey. Developing an accurate project schedule and tracking your team's progress is important for ensuring clients and customers receive the finished product on time. Many successful project managers use float to develop workflows, delegate tasks and create schedules. If you work in project management, then you may benefit from learning about the term float. In this article, we define what float is, discuss why it's important, explain the steps you can use to calculate it and share tips on how you can use float to improve your project management. What is float in project management?Float in project management refers to how long you can delay a specific task without it affecting other tasks team members need to complete or having to push back the final completion date. Other popular terms for float include total float and slack, and project managers use float to determine how much scheduling flexibility they have. This can help them develop efficient strategies to ensure they complete each project on time. While one of the main reasons project managers calculate float is to determine the best way to rearrange tasks if there's an unexpected delay, there are several other ways using float time can benefit you. Some of the main ways float benefits project management are:
Related: Project Management Schedule: Definition and Examples Types of floatThroughout your career in project management, you might use several types of float to develop and maintain accurate schedules. Here are a few types of float you can familiarize yourself with to improve your project management capabilities: Total floatTotal float identifies when a project's due and provides the team with some flexibility to help them stay on schedule. Project managers use total float to determine the time they can delay a task without it impacting the overall success of their project. This helps project managers assess whether a specific action may alter their projected completion date. Related: Glossary of Project Management Terms and Concepts To Know Free floatThis term refers to how long you can delay a task without it affecting subsequent tasks. Project managers can use free float to determine how delaying one task may cause a chain reaction that delays the work of other team members. This helps project managers assess whether a specific action may affect a successor activity rather than the final completion date. Related: How To Calculate Slack Time in Critical Project Management Project floatProject float refers to the amount of time you can delay an entire project without affecting the customer, client or end user. Project managers often set an internal deadline for their team that's earlier than the date they agreed to deliver the finished project to their client. This provides them with a buffer period in case they experience unexpected delays. Related: Tips for Developing an Efficient Critical Path Project Management Plan Interfering float (INTF)INTF refers to the time you can delay a task from the date you planned to start it without delaying the project's completion date. In this instance, delaying a task also may delay the start date of another noncritical task or activity, but it may not impact the start date of a critical task. For example, if you allocated five days to complete a task that may take only three days to finish, you can delay starting this task for two days and still meet your deadline. Related: What Is the Float in Finance? (Plus How To Calculate It) Independent float (INDF)INDF refers to the maximum time you can delay a task without affecting the early start date of subsequent tasks or activities. The early start date refers to the earliest possible day you could start a specific task. For example, if you're working on a photography project and your early start date to edit photos is on Aug. 15, then the last day you can take photos without delaying the editing process is Aug. 14. Related: Understanding the Project Management Processes and Phases How to calculate total float in project managementHere are some steps you can follow to calculate the total float time of a task: 1. Determine the critical pathThe critical path of a project outlines the order in which a team needs to complete a sequence of tasks. Each subsequent task in the critical path depends on the completion of the tasks before it. For example, if you're working on a home remodeling project, you might organize your tasks to install drywall first, then update the cabinets and replace the flooring. Because each of these tasks depends on another task, they make up the critical path of your project. Delaying one of these tasks has the potential to impact the final deadline. To define the critical path, you can list the most important tasks and organize them on a timeline. If you're working on a large project, you also may have tasks that don't depend on others. For example, as a part of your home remodeling project, you also might plant new flowers in the front yard. You can complete this task at any time, regardless of whether you've finished installing the drywall, cabinets or flooring. These types of tasks comprise the noncritical path of a project. Related: Critical Path Project Management: Definition and Examples 2. Establish the earliest finish (EF) dateNext, you can determine the earliest possible day your team can complete the task, so make sure you establish a reasonable timeframe. For example, if you're trying to determine how long it might take to install new drywall into a house, consider how long it may take to get supplies, how many hours this task may take to complete and the availability of your team members. Once you have this information, you can estimate how long each step may take to determine when you can complete the entire task. Related: What Is Agile Project Management? Values, Principles and Steps 3. Identify the latest finish (LF) dateNext, you identify the last possible day your team can complete a task without it delaying the critical path and final completion of the project. For example, you might determine when to finish installing the drywall to ensure your team can install cabinets on a specific date, so each phase of the project remains on track. To determine the LF date, you can review your project schedule, the estimated start times for all subsequent tasks and the final deadline. Related: 30 Resource Planner Tools That Can Help With Efficiency 4. Calculate the task's total floatOnce you identify the important dates for your task, you can calculate the total float of it by subtracting the EF from the LF. This can help you determine how many days of float you have to complete a task without delaying subsequent tasks on the critical path. For example, if you determine the earliest date your team can finish installing drywall is Sept. 10 and the latest date they can finish this task is Sept. 14, your total float is four days. This means you can delay the drywall installation by four days without impacting subsequent tasks or delaying the final project completion date. Related: What Is Critical Path Analysis? (With Steps To Use It) Tips for using float for better project managementHere are some tips to help you use float to improve your project management:
How you can use floats of an activities in a project for your advantage?Project managers can use float to outline each phase of a project and determine the order their team needs to complete tasks. This can help them delegate tasks more effectively and improve communication.
What is free float in scheduling?Free float is an amount of time that a schedule activity can be delayed without delaying the early start of any immediately following schedule activities.
What is the definition of free float?The free-float methodology is a method of calculating the market capitalization of a stock market index's underlying companies. With the free-float methodology, market capitalization is calculated by taking the equity's price and multiplying it by the number of shares readily available in the market.
What is the effect of float in managing a schedule?A positive float time indicates the flexibility we will have in delaying the specific activity without delaying the project completion time. Typically, while doing scheduling, the critical path tasks will have zero float and the non-critical path tasks will have a positive float.
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