Resource Management
Resource leveling is a process in which the starting and the finishing dates of a project adjusted due to resource availability. Resource leveling create a balance between the demand and the supply of resources. The management can delay activities that are not critical to balance the demand for resources in time-limited projects (Damci et al., 2013). The main risk associated with resource-leveling is the delay of the project due to the delay of activities categorized as non-critical. Compressing schedules risk elimination of some activities that are crucial to the project. This can occur mainly because the schedule was predetermined, and adapting the new schedule is challenging. Adding resources to the critical path can also create risks in budgeting and the quality of other activities. The management to increase its budget allocation to afford more resources. This can also lead to budget overrun, thus delaying the project.
The time-phased baseline is the distribution of budgeted costs to match the project schedule. Developing a time-phased baseline helps the management to establish the budget of the project and the schedule. The baseline ensures that there is money available when needed for particular tasks. This process gives the management insight into how much they are going to spend on a particular project (Kamin, 2015). The baseline is important in determining the cost of labor, equipment, materials, and other expenses. The management and the company track their cash flow by knowing when it needs to disburse money. The creation of a time-phased budget helps the team notice when the scope of the project changes. The baseline can also identify changes in regulations that make the project expensive and depart from the developed projections. The time-phased baseline can help the management to adjust their projects and eliminate the risk associated with emerging challenges.
References
Damci, A., Arditi, D., & Polat, G. (2013). Resource Leveling in Line-of-Balance Scheduling. Computer-Aided Civil And Infrastructure Engineering, 28(9), 679-692. https://doi.org/10.1111/mice.12038
Kamin, D. (2015). Basing budget baselines. Wm. & Mary L. Rev., 57, 143. https://heinonline.org/HOL/LandingPage?handle=hein.journals/wmlr57&div=6&id=&pa ge=