Issue: 2010/Vol.20/No.2, Pages 77-90
GENERALIZATION OF THE CRITICAL CHAIN METHOD SUPPORTING THE MANAGEMENT OF PROJECTS WITH A HIGH DEGREE OF UNCERTAINTY AND IMPERFECT INFORMATION
Cite as: D. Kuchta. Generalization of the critical chain method supporting the management of projects with a high degree of uncertainty and imperfect information. Operations Research and Decisions 2010: 20(2), 77-90.
In the critical chain method the fundamental notion is the project buffer, and its length is based on task estimation risk. This estimation is almost never unequivocal. If it is not correct, the whole method may turn out to be ineffective. Different experts may have different opinions about this risk. The critical chain method allows to take into account the opinion of only one expert, which may seriously falsify the image of the project situation. This paper proposes a generalization of the critical chain method allowing the use of the opinions of several experts – both while planning a project and while controlling it. Thanks to such an approach, in each phase of project planning and control we are aware of the opinions of various experts as to the correctness of the deadline which was agreed upon with the customer, as to the chances of meeting this deadline and as to the necessity of strengthening project control or introducing changes into the project.
Keywords: time management, risk management, project, critical chain