Question

hey the following questions are as it relates to project management. could i get some help with questions c and d.

What action would you take if you were at one-third of the project timeline and you had already used two-third of your buffer? Why? d) What is the error in overlooking the Critical Chain in Project Management?

Answer 1

Solution -

c. When a project has run only one-third of its timeline but has consumed two-third of its budget buffer Then it is obvious that there have been lot many events which were unforeseen during the project planning. This calls for the following actions -

1. Relook at the project from the completion standpoint to evaluate if there are certain other risks that have a higher probability of occurrence as we move ahead with the project.

2. Revaluation of the project feasibility to understand if the project is feasible to be carried on this should be done also from the budget standpoint.

3. Reevaluate the planning part to ensure if the project objectives would also meet the return on investment perspective.

This will help us to understand if it makes sense to carry the project forward for completion or to drop the project in between as it is consuming more than the returns that were estimated at the beginning of the project is proving as commercially nonviable.

d. If one end up overlooking the critical chain in the project then there are chances of unwanted utilisation of resources and also a lot of time wastage due to non-optimized multitasking and switching between tasks. The critical chain is all about managing the usage of resources and how effectively all resources can contribute to the completion of tasks. The one factor that is important to understand here is that resources are limited an optimized schedule can ensure that projects are completed within better timelines and all resources are effectively utilized. Overlooking the critical chain leads to a higher risk of cost overruns.