Applying Critical Chain to improve the management of uncertainty in projects
Name
43071825-MIT.pdf
Description
Full printable version
Size
8.14 MB
Format
Adobe PDF
Checksum (MD5)
8e967225d214712285e4ef9ac9c1a636
Author(s)
Cook, Stephen Carl, 1966-
Advisor(s)
Steven D. Eppinger and Anna Thornton.
Date Issued
1998
Publisher
Massachusetts Institute of Technology
Abstract
In an ever intensifying global competitive market, the management of projects, particularly product development efforts, increasingly is one of the few areas which can produce a sustained competitive advantage. Firms that can bring products to market faster can extract higher initial margins, can be more responsive to their customers, and will have products with longer sales lives. Critical Chain is a new methodology that applies Eli Goldratt's Theory of Constraints to project management in order complete projects faster and with greater predictability while simultaneously making more efficient use of resources. The Critical Chain method accomplishes this by building project networks with average task durations, aggregating buffer at the end of projects where it can absorb unplanned iterations and other delays, and de-conflicting resources, both within and across projects. This new project management methodology was researched by spending seven months on site with ITT Night Vision and applying the method to two product development projects. In addition, benchmarking studies of previous product development efforts at the same site and of another lead user of the tool were conducted to provide both qualitative and quantitative comparison data. Critical Chain appears to minimize schedule risk while simultaneously minimizing project duration, and has the potential to improve both communication and employee morale.
Description
Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 1998.
Includes bibliographical references (leaves 76-77).
Subjects
Sloan School of Management
Electrical Engineering and Computer Science
MIT Department
Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science
Sloan School of Management
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