Provide the definitions of critical path and critical chain. How do they differ?
Critical path and critical chain are both schedule network analysis techniques.
Critical path is the one that determines the shortest time to complete a project, which assumes low uncertainty and does not consider resource dependencies.
Critical chain is a modified or refined technique about critical path; it involves the deterministic and probabilistic approaches to analyze the project schedule, which is more realistic and practical than critical path.
Differences between critical path and critical chain:
Critical path is based on deterministic task duration, while critical chain involves the deterministic and probabilistic approaches;
Critical path does not consider resource dependencies, while critical chain is based on resource constraints;
Critical path does use buffer time efficiently, while critical chain uses optimum buffer time to reduce the risk of schedule;
Critical path is less focused on non critical tasks that may cause risk, while critical chain controls risks more efficiently by considering more tasks and applying optimum buffer time.
What are inventory buffers analogous to in project management? List various kinds of buffers used to manage projects and describe where each of them should be located.
Inventory buffers are analogous to, in project management, time buffers.
Types of buffers used to manage projects are as below.
Resource buffers (RB): buffers that is located along with the critical path and specifically ahead of a task involving important resources. The purpose of Resource buffers is to make sure that the involved resources such as materials, machinery, and labor resources are available for the task, before the task is launching or during the process of the task.
Project buffers (PB): buffers that are amount of times located at the end of a project or, say, at the end of a critical path. It is...
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