A businesses may use many measures to calculate its financial picture. One such tool is called "workload," which helps businesses estimate how long it will take to perform a task.
Tasks that must be accomplished to ensure success are broken into three categories: daily, detail and project. A daily task is taking out the trash, while a detail project might include reviewing a contract. A project task occurs with even less frequency, like spring window cleaning.
Time refers to how long it takes to perform a given task. Experienced managers can estimate the average amount it takes to complete a task based on experience.
Frequency the amount of times a task must be performed throughout the year. For example, taking out the garbage would have a value of 365 if the trash was removed each day. Spring window cleaning would have a value of 1 because it is only performed once a year.
The equation for calculating workload is: Task x Time x Frequency = Workload. Therefore, if the task of taking out the trash required one hour, the equation would read: Trash x 1 hour x 365 = 365 hours. It would take 365 workload hours to perform that task in a year.