Resources are delegated to the task that needs execution. Resource leveling helps an organization make use of the available resources to the maximum. It helps the organization reduce wastage. Or prevent the misuse of resources. Leveling is about efficiency.
Some of the risks associated with leveling resources are
Delays in the project and task difficulty
Assigning a new resource
Budget over-runs
Decrease project flexibility
Float, sometimes called slack, is the amount of time an activity, network path, or project can be delayed from the early start without changing the completion date of the project. The less slack a project has the less flexibility. The term slack is also understood as the time period by which a project can be delayed before it has negative impact on the project completion. Slack is classified as total slack or free slack. Critical paths are used by projects managers to represent the shortest path to complete a project.
Fast-tracking and crashing are used if things get out of hand. Fast-tracking performs a critical path task. It buys time. Although it only works if the activities can be overlapped. The work is completed for the moment but there is a chance re-work will need to be completed which is much higher. Crashing is what project managers do to reduce the amount of time that the project will take. Crashing is about assigning resources to get work finished quicker and is associated with additional cost.
Imposed duration is when a project manager assigns a completion date that is not in line with the project teams estimated duration. To meet this date, extra money is funded in the project to speed up the process. Catch up is when the project is falling behind schedule and additional resources are added to complete the project timely. (Edwards, 2013) Hence, the risk of budget overrun is there, along with conflicts between the project management team and the top management over scheduling time and cost.
References
Edwards, G. (2013). What If Your Project Falls Behind? Bright Hub Project Management. W. (n.d.). Retrieved September 5, 2018, from https://pm4id.org/chapter/8-3-critical-path-and-float/