Project Management Terminology Starting with “F”

A simple, practical guide for students, engineers, and professionals

After covering A to E terminology, now we move to the “F” series, which is very important for project scheduling, financial planning, and feasibility analysis.

In real-life projects—especially industrial, construction, and engineering works like steel plant projects—these terms are used in planning schedules, evaluating project viability, and managing timelines.

Let’s understand each term in clear, simple language with practical examples.

1. Feasibility Study

Definition: A study conducted to examine whether a project is viable or not.

Simple Meaning: Checking whether the project is practical and worth doing.

It evaluates:

• Technical feasibility

• Financial feasibility

• Operational feasibility

• Time feasibility

Example:
Before installing a new high-pressure pump system, you check:

• Cost vs benefit

• Power availability

• Space requirement

This is called a Feasibility Study.

2. Finish Float

Definition: The extra time an activity has at its finish before the next activity must start.

Simple Meaning: How much delay is allowed at the end of a task.

Example:
If a task finishes on Day 10 but the next task starts on Day 12 →
Finish float = 2 days

3. Finish-to-Finish Lag

Definition: Minimum time required between the finish of one activity and the finish of its successor.

Simple Meaning: Gap between finishing two activities.

Example:
Painting work must finish 2 days after welding is finished →
Finish-to-Finish lag = 2 days

4. Finish-to-Start Lag

Definition: Minimum time between finish of one activity and start of next activity.

Simple Meaning: Waiting time between one task finishing and next task starting.

Example:
Concrete curing takes 3 days after pouring before next work starts →
Finish-to-Start lag = 3 days

5. Fiscal Year

Definition: A 12-month period used for financial planning and reporting.

Simple Meaning: Financial year used for budgeting and accounts.

In India:
Fiscal Year = 1 April to 31 March

(Some organizations may follow different cycles like July–June depending on policy.)

6. Float (Total Float)

Definition: The total amount of time a task can be delayed without delaying the project completion.

Simple Meaning: Extra time available without affecting project end date.

Formula Concept:
Float = Late Start – Early Start

Example:
If activity can start between Day 5 and Day 8 → Float = 3 days

7. Free Float

Definition: The time an activity can be delayed without delaying the early start of the next activity.

Simple Meaning: Extra time available without affecting the next task.

Difference from Float:

• Float → affects overall project

• Free Float → affects only next activity

Related Articles

• Project Management Terminology for Beginners
• What is Project Management?
• Project Management Terminology Starting with “A”
• Project Management Terminology Starting with “B”
• Project Management Terminology Starting with “C”
• Project Management Terminology Starting with “D”
• Project Management Terminology Starting with “E”
• Project Management Terminology Starting with “G” & "H"
• Project Management Terminology Starting with “I”
• Project Management Terminology Starting with “L”