Fast Tracking
The fast tracking in project management is equivalent to using a shortcut to complete your project faster. It is about completing various chores concurrently that were previously scheduled to be completed one after the other.
Example
Assume you’re constructing a house. Typically, you would lay the foundation first, then the walls, and eventually the roof. However, with fast tracking, you may begin building the walls while still working on the foundation.
Assume that constructing the foundation takes 5 days and constructing the walls takes 7 days. You could start building the walls on day 3 if you fast track, even if the foundation isn’t built yet.
So, in this case:
– Standard sequence: – Foundation (5 days) -> Walls (starting after 5 days and ending after 12 days)
– Fast tracking: – The foundation is laid, but you also begin building walls on day three.
– Walls may be completed by day 9 due to job overlap.
This expedites the project’s completion, but it also requires more coordination and risk since jobs that were originally supposed to be completed one after the other are now completed concurrently.
Related Posts:
- Cash Flow (CF)
- Net Present Value (NPV)
- Return On Investment (ROI)
- Fixed Price with Economic Price Adjustment Contract (FPEPA)
- Expected Monetary Value (EMV)
- Estimate to Complete (ETC)
- Earned Value (EV)
- Cost Variance (CV)
- Cost Plus Award Fee Contract (CPAF)
- Schedule Variance (SV)
- Schedule Performance Index (SPI)
- Planned Value (PV)