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The Advantages of Top-Down and Bottom-Up Budgeting
Top-down budgeting is built upon gathering the experiences and opinions of managers along with the accessible previous data connected with the related activities. The top and middle managers assess the cost of the project and the main subprojects constituting it. Further, the cost assessments are forwarded to lower-level managers who decide what parts of the budget should be given to work packages and particular tasks. The benefit of the top-down budget is that such accumulative budgets are frequently generated very precisely. Additionally, the statistical allocation of every category is fixed, which allows high consistency.
In bottom-up budgeting, tasks, itineraries, and separate budgets are also designed with the help of a work breakdown structure. The employees responsible for the work receive advice on budget and period to complete the task most efficiently. At first, approximate calculations are made regarding resources. Further, they are changed to dollar equivalent. Bottom-up budgets prevalently are more precise in details, but they require a thorough inclusion of all constituents. The benefits of such budgeting are connected with participative management. People closer to the production process can receive a more specific idea of resource prerequisites. Also, the immediate engagement of low-level managers in the development of budget enhances the possibility of their tolerating the outcomes without complaining.
Operation of Risk Analysis
Risk analysis is a procedure employing the allocation of input aspects and expectations and returning a variety of results and their expectations. Risk analysis methods are brought in when they are consistent with an issue at hand. The data connected with the project is marked by unpredictability, and therefore it is suitable for the utilization of risk analysis. Risk analysis involves the assessment of such factors as the length of the project, several resources necessary for the project, the value of the outcomes, and other aspects. Risk analysis does not eliminate doubts, but it can decrease them.
To interpret the results of risk analysis, the manager needs to accredit monetary worth to the risks and adjust them to the estimated advantages. To make successful project choice decisions, managers may apply simulation.
Definition and Importance of Slack
Slack, or float, is the divergence between the latest possible starting times and the earliest start. Slack is significant to the project manager as it serves as an option for flexibility in the case when work or resources need to be readjusted. A project with little slack is doomed to failure if work rearrangement is necessary and additional time is unavailable.
Differences between Total Slack and Free Slack
Total slack is the period to which an activity can be prolonged without causing a delay in the projects final date. Employment of total slack in one of the activities minimizes the necessity of its use in the activity that succeeds it.
Free slack, as a rule, takes place at the end of the succession of activities, directly before the consolidating step. Free slack is the amount of time in which the activity can be postponed without making an impact on the early start of the step directly following it. As free slack can be postponed without impacting the activities following it, it endows the project manager with some resource resilience.
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