Question

What are the key concepts relating to Project Management presented in Goldratt's "Critical Chain"?

Answer 1

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Concepts related to project management presented in Goldratt's "Critical chain":

1. Use of buffers: buffers are used in a critical chain in order to avoid unfavorable circumstances for the project. There are many types of buffers discussed by Goldratt, these are as follows:

1. Project buffers: buffers that are used for the timely and effective completion of any project and proper assessment of multitasking.

2. Resource buffers: buffers which are used for deciding the margins for the resource so that they are readily available at the time, and are not available in unlimited quantity also.

3. Safety buffers: buffers which are used to provide safety to the project from any kind of risk associated with the variations within the critical chain.

2. Optimum use of resources: Under critical chain, resources are efficiently utilized in order to achieve efficiency and effectiveness within the project, so that the resources available are neither less, nor more, while maintaining the safety stocks and margins.

3. Monitoring: according to Goldratt, only formulating critical chain is not sufficient, there is a need for proper monitoring, reviewing, and controlling the buffers available.

It works while comparing the consumption of buffers with the critical point decided by the manager and the time of planning. And once consumption exceeds, there is a need to make alterations in the planning.