Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
While teaching the course, Silver engages in open conversations with his students and they develop the concept of critical chain. The main idea is similar to that introduced in the Goal in the meaning of recognizing the existence of constraints and the necessity of reorganizing the firm in a means that its chances of attaining its goals are increased. What is however new is the realization of a connection between the theory of constraints and project management.
Eliyahu Moshe Goldratt takes an innovative approach to project management and sustains that planning tasks should not be based on internal requirements and schedules, but rather they ought to consider the resources required to complete the respective project and compare them against the resources available within the entity. Furthermore, in planning projects, managers must remain aware of the changing...
For instance, they must recognize that the schedules or the financial resources estimated at the commencement of a project are simple approximations, which could easily change as the project evolves.
All in all, with these considerations in mind, one can conclude that the concepts of critical chain and theory of constraints applied to the field of project management stimulate the project manager to recognize the existence of constraints to the completion of the project, to plan and manage the project based on resources and to ensue that these resources are flexible and easily manageable.
References:
Goldratt, E.M., Cox, J., 1992, the Goal: A Process of Ongoing Improvement, 2nd Edition, North River Press
Goldratt, E.M., 1997, Critical Chain, North River Press
Critical Chain Approach The AMA Handbook of Project Management Chapter 29: Multiproject Constraint Management -- The "Critical Chain" Approach, (AMACOM Div American Management Assn) This text is particularly important in providing more information concerning the 'critical chain' approach because it makes it possible for readers to get a more complex understanding of why this approach is effective. By concentrating on the relationship between organizations and projects, the text emphasizes the fact
Critical Path Method (CPM) and Critical Chain Method (CCM). How is CCM an improvement over CPM? The Concepts The concept of paths and the slacks on the path have been around the management circles from the 1960s, with the concept of slack being defined as the amount of time an activity on a production line can be halted without affecting the project completion date. (Hansen, 1964) Likewise the critical path and the
In addition to this, the event chain methodology is used in counteracting the effects of different biases. This model also requires the use of Gantt charts. The thermostat model is a model of management control that is based on performance standards, performance measured at the output, and the difference between standards and measured values is used for correcting the process in order to reach the established standards (Koskela & Howell,
Project Management Concepts Question 1; the Triple Constraint The term triple constraint refers to three interdependent factors which will act as constraints on the way projects are completed. The triple constraints, which may also be called the 'project triangle', will be found in all projects, they are the factors of time, cost, and scope. Successful projects are usually defined as those which are delivered at the right time, within the correct budget,
Thus risk management in its various guises must be present in the scope, schedule, and spending, and management of any given project. Careful management is necessary for such successful project management and for maximizing the value of our project-based efforts. Above all the management of uncertainty and risk by accepting that spending, scope, scheduling, and management in general may go awry is better than simply ignoring this possibility in
Project Risk Management Risks associated with projects successful completion A project is an undertaking of human beings towards satisfying world needs. Projects are endeavors with a defined beginning and an end. Projects suffer from scope, time, cost and quality constraints. It is necessary for project managers to manage the risk of developing weak scope. Scope of a project incorporates the objectives of a project, the target population, the output and impact of