Resource Loading and Resource Leveling
Resource loading outlines the amounts of specific resources necessitated by the current schedule during particular periods. Thus, it is not significant whether to analyze a separate work unit or a few projects. The prerequisites of every kind of resource are merely enumerated as an operation of a period. Resource loading provides a general comprehension of the project’s resource requirements. This is a productive way of an early and unpolished plan of a project. Also, it is an initial phase of trying to decrease the redundant requirements of particular resources.
Resource leveling focuses on reducing the fluctuations present in resource loading by moving the assignments with their slack adjustments. The core objective of resource leveling is to design a flowing distribution of resource exploitation. Smoother consumption of resources provides several benefits. For one thing, it allows using of a smaller amount of hands-on management. Also, on the condition of even resource usage, a project manager can apply a just-in-time procedure of inventory. Such policy allows to ensures the delivery of the correct amount of resources.
The Concept of Critical Chain
A critical chain is a succession of complications that lead to a project’s lateness. Such complications may incorporate the student syndrome, irrational optimism, coping with multitasking, and other issues. New projects need to be planned by the accessibility to scarce resources. Appropriate planning supports solving the issues caused by insufficient multitasking. However, it cannot lead to a more pragmatic assessment of the project’s continuation.
In the case when two projects are planned at the same time and need common scarce resources, these projects are not autonomous. If the amount of scarce resources is not enough to provide accomplishing of both projects, the one which is started first receives a prerogative. As a result, the second project’s path will be prolonged, but its duration will stay the same.
The Variances of an Earned Value Chart and Their Significance
There are three variances of the earned value chart: cost variance (CV), schedule variance (SV), and time variance (TV). The importance of each of them is revealed via their ability to predict the earned value of the project. The CV is the variation between the money planned for the work and the existing cost of work. The SV is the divergence between the earned value and the work cost. The TV is the variation between the time planned for the project and the truly consumed time. Usually, the variances are estimated in such a manner that they are negative when the work is delayed or requires extra expenditures.
Various Ways of Finding Earned Value
Earned value of completed work for the tasks which are in progress is calculated by multiplying the predicted percentage of physical finishing the work for every task by these tasks’ proposed cost. There are several ways of calculating earned value:
- the 50-50 rule: fifty percent of fulfilling the task is estimated at the beginning and the other fifty percent – at the end of work;
- the 0-100 percent rule: no predicted progress until the task is performed;
- the rule of critical input: task progress is accredited by the extent of critical input which has been exploited;
- the rule of proportionality: time or cost is used as a critical input.