The critical chain method is an advancement over the theory of constraints used for managing projects. The critical chin method basically involves taking care of the bottlenecks, i.e. the critical steps involved in the project completion. Once the critical chain of events is identified by the project management team, requisite action is initiated to see that the tasks in these processes become smoother. This helps in completing the project more quickly. Projects need to be strategy-driven expected to deliver certain capabilities, defined beforehand.
Once the inputs are taken and activities initiated, the critical activities, in particular, require regular monitoring and control all through the project period. Budget and schedule are the major components of the projects which are affected by the critical chain. Estimators often add a personal safety factor to the cost and schedule estimates, because while implementing the project plan they try to prepare for any eventuality. Therefore, some margin for errors is always kept, particularly for projects involving strategic consideration.
The ultimate aim of project implementation is to see a satisfied end-user. This safety valve is also meant to save the skin of the project manager and avoid last-minute rushes. It has its advantages, in the form that the estimators can provide some degree of leverage to the project implementers while allowing space for revising or redesigning some processes or steps. But there are certain pitfalls as well. For example:
- Once it becomes a practice, team members often become complacent, taking this for granted that in any case, they’ll have an additional budget and time
- In fact, how the deadlines are taken varies from individual to individual. Sometimes the tight deadlines also result in rushing up matters. In such cases ‘perfection’ becomes the major fallout.