If cost is more important than the finish date, there may be ways to change a schedule to reduce the cost. Learn to identify ways to change the schedule while at the same time reducing cost.
- [Bonnie] If cost is more important than the finish date,…there may be ways to change a schedule to reduce the cost.…Start by looking for less expensive resources.…The best-case scenario is that they can get the work done…in the same amount of time.…In that case, the cost definitely goes down.…Unfortunately, it's usually the case…that less-expensive resources will take longer.…For example, a writer who costs $150 per hour…takes 20 hours to do the work.…
Another writer works for $100 an hour.…As long as the cheaper writer can do the project…in less than 30 hours, you'll save money.…Again, this is a balancing act,…because often the cheaper labor will take longer.…Another approach is to reduce the cost of overtime…by lengthening tasks to eliminate the overtime surcharge.…For example, say the writer is scheduled to work…20 hours of overtime to finish an activity on time,…and that writer gets paid $20 more per hour for overtime.…
If you opt to delay the finish date to eliminate overtime,…the cost of the activity decreases by $400.…
Note: This course aligns with best practices from A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Sixth Edition, published by the Project Management Institute®.
- Developing a schedule management plan
- Identifying project activities
- Adding milestones
- Organizing work
- Estimating duration and work
- Handling lag in dependencies
- Defining resources
- Assigning resources to activities
- Working with part-time and remote workers
- Fine-tuning assignments
- Optimizing schedules
- Managing and changing schedules
Skill Level Appropriate for all
1. Understanding a Project Schedule
2. Identifying and Organizing Activities
3. Sequencing Activities
4. Assigning Resources to Tasks
5. Fine-Tuning Assignments
6. Optimizing Schedules
Baseline the schedule2m 12s
7. Managing Schedules
Next steps2m 33s
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