Join Bonnie Biafore for an in-depth discussion in this video Changing the schedule to reduce costs, part of Project Management Foundations: Schedules (2013).
If cost is more important than the schedule, there may be ways to change a …schedule to reduce a project's cost. Start by looking for less expensive resources. …The best case scenario is that they can get the task done in the same amount of time. …In that case, the cost goes down. Unfortunately, it's usually the case that …less expensive resources will take longer. …For example, there's a writer who costs $100 per hour and it will take 20 hours …to do the work. There's another writer that will work for …$50 an hour. As long a cheaper writer can do the …project in less than 40 hours, you'll save money.…
Again, this is a balancing act, because oftentimes 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 a task on time. …And that writer gets paid $20 more per hour for overtime. …If you opt to delay the task finish date to eliminate overtime, the cost of the …
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- Identifying the work that needs to be done
- Adding milestones
- Delaying or overlapping tasks with lag and lead time
- Assigning resources
- Balancing workloads
- Adding buffers and baselines to the schedule
- Uncovering and correcting out schedule problems<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
Skill Level Appropriate for all
1. Understanding a Project Schedule
2. Identifying and Sequencing Tasks
3. Assigning Resources to Tasks
4. Planning to Balance Workloads
5. Optimizing Schedules
6. Managing Schedules
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