If your business is not optimizing its resources effectively, your performance will be hampered. If your performance is hampered, you’ll end up losing clients and plummeting profits. In no time, shutting up shop might become the only option. But what if you could avoid all this with a time-tested project management strategy?
In this blog, we will understand what critical chain project management is and how to create a winning critical chain management strategy. Let’s get to it right away.
But First, What is Critical Chain Project Management?
In essence, critical chain project management–or CCPM–as it is commonly known–refers to a planning method that enables organizations to complete projects successfully and with optimum utilization of resources as well as time. This means eliminating chances of overspending or overburdening your team members to meet deadlines. It was developed by Dr. Eliyahu M. Goldratt way back in 1997.
The CCPM methodology relates to the ‘Theory of Constraints,’ which empowers organizations to identify issues and eliminate them to boost project productivity and ensure project success. Quite simply, CCPM refers to the idea that every project faces one primary weak constraint that can break it.
How Can Critical Chain Project Management Help Clients?
Using the critical chain project management method can benefit organizations and clients in numerous ways. A few of its most important advantages are listed below:
- Bottlenecks and issues: It helps organizations to remove (or fix) key bottlenecks that can cause project delays or lead to cost overshoots and improve the final output.
- Quicker, efficient results: It accelerates project completion with improved scheduling by either modifying it to account for restricted resources or adding ‘buffers’ for non-work schedule activities.
- Buffers: It helps define three buffers — project buffer, feeding buffer, and resource buffer. These, ultimately, allow you to monitor your resources closely and utilize them in the best and most profitable way possible.
- Prioritize tasks: It helps identify the essential resources available and enables organizations to prioritize the right kind of dependent tasks within an ongoing project. In other words, you focus on task dependencies and resources to complete a project successfully
- Accurate time estimate: This methodology also helps project managers to accurately estimate how long it will take for the project to get completed successfully.
- Down-prioritize resource savings: It allows project managers to down-prioritize resource savings and time savings. Moreover, it allows managers to laser-focus on tasks that actually matter so that the project gets completed on time, within budget, and with optimal resource utilization.
All in all, the CCPM doubles up as a powerful framework to empower enterprises to manage resources and complete projects in an efficient capacity. If you are looking for an experienced partner that can help accelerate your organization’s digital transformation process, get in touch with us at Team 81. We can help manage–and grow–your brand’s digital business, digital operations, and digital systems simultaneously. Help us make your ideas come to life, digitally.