Slack
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FTI must reevaluate the project management process the company currently uses. The company must consider several factors when planning and implementing projects to ensure success. Several factors include strategic planning, risk management and precise planning. One aspect of project management that FTI should not overlook, would be project planning. Every aspect of the planning of a project is vital to success. One area not to be overlooked would be free slack.
Free slack would be defined as “Free slack is defined as the difference between the early finish (EF) of an activity and the early start (ES) of the activity that follows it. Free slack can never be negative. Only activities that occur at the end of a chain of activities (usually where you have a merge activity) can have free slack. For example, if a single chain (path) of activities has 14 days slack, the last activity will have free slack, and the others will have none.”(Gray,Larson) According to Larry Cook it is of great importance to “Build some “slack” into your timetable to accommodate the inevitable delays and mishaps”(Cook, Larry)
Prior to implementing new projects FTI should consider the importance of building slack into their planning. Slack will offer the company the opportunity to rebound from unforeseen situations that may arise.
Reference:
Cook, Larry(2007) Managing Time-Sensitive Engagements, Journal of Accountancy, Sep2007, Vol. 204 Issue 3, p29-29, EBSCOhost, Apollo Library retrieved December 10, 2007
Gray, Clifford F & Larson, Erik W. (2006) Project Management: The Managerial Process, 3e p.41, The McGraw-Hill Companies 2006