Total Float (Quick Revision)

Question 1

Define: Total Float

Answer 1

The total float is the amount of time an activity can overrun without delaying the project as a whole.

Question 2

State three advantages of critical path analysis.

Answer 2

• Can reduce stock levels
• Can order items just when needed
• Can complete a project more quickly

Question 3

Earliest Start Time: day 4

Latest Finish Time: day 12

Total Float: 3 days

What is the duration of the activity?

Answer 3

12 - 4 - duration = 3 days

So the duration must be 5 days for answer to be 3 days.

Question 4

What is the significance of identifying the critical path?

Answer 4

Can focus on these activities to make sure project is completed on time; can prioritise

Question 5

How might a firm speed up the time taken to complete a project?

Answer 5

Invest more money in resources (e.g. more people, more technology)

Question 6

What is the Examiner’s note for Total Float?

Answer 6

Critical path analysis can help a firm to order supplies only when they are needed and so can lead to better working capital control.

Question 7

What is the Evaluation point for Total Float?

Answer 7

Critical path analysis is a planning tool. It’s value relies on how well it is used. For example;

• Are there clear guidelines about who has to achieve what?
• Are targets chased to make sure people achieve them?
• Are the resources provided to make sure the targets are viable?