When running the finances and employees’ assets for a mission, you will likely encounter the time FTE.
FTE stands for “complete-time equivalent.” It refers to the number of hours labored with the aid of using a single worker in a week. The annual FTE count number is taken into consideration to be 2,080 hours, which breaks down into 8 hours in keeping with day, 5 days a week. FTE is used to transform the hours labored with the aid of part-time personnel into the ones labored with the aid of using complete-time personnel. This is for ease of calculating the fee — in time, money, and employees — of a mission because it standardizes the measurements.
For example, when you have one worker who labored 50 hours, one worker who labored 10 hours, and one worker who labored forty hours on a mission in each week, that provides as much as one hundred overall hours that week; assuming a complete-time worker works forty hours in keeping with week, your FTE is 2.5.
The FTE calculation is utilized in Project Management — and aid control, specifically — whilst staffing selections want to be made. For example, when you have a creative project that is expected to require 500 hours of painting, you could decide your employees’ necessities for the usage of the subsequent FTE equation: eight hours x (quantity of complete-time personnel) x (quantity of days labored) = 500 hours. If then you divide 500 with the aid of using 8, this indicates the quantity of complete-time personnel had to work complete 8-hour days is 62.5:(quantity of complete-time personnel) x (quantity of days labored) = 500 hours/eight hours = 62.5
There are numerous methods to interrupt down to 62.5, relying on your desires. You should select to assign six complete-time personnel and one part-time worker to work at the mission for 10 days. Or you may allocate work to twelve complete-time and one part-time aid for 5 days. You can alter and diversify the calculations primarily based totally on the mission’s scope and necessities, scaling up or down as important.