1.Describe Godratt’s critical chain theory Critical chain project management (CCPM) is a method of planning and managing projects that highlights the resources (people, equipment, physical space) required to execute project tasks According to Goldratt, delaying the work of the project to more closely follow the late schedule has the advantage of allowing the project team to learn from the experience and knowledge gained in doing other parts of the project All the activities in the project that are not on the critical chain are, by definition, noncritical activities and have some float associated with them. In real projects these activities tend to group themselves together to form subprojects within the project. These are what Goldratt calls ''feeder chains. 2. Explain the Planning monitoring and controlling cycle in detail. Monitoring and control keeps projects on track. The right controls can play a major part in completing projects on time. The data gathered also lets project managers make informed decisions. They can take advantage of opportunities, make changes and avoid crisis management issues. The major roles and responsibilities associated with project planning are: 5. Explain Project Audit. • Project auditing can be defined as the process of detailed inspection of the management of a project, its methodology, its techniques, its procedures, its documents, its properties, its budgets, its expenses and its level of completion. • A project audit is a key step in the process of closing a project. This audit evaluates the total project processes and outcomes. • The life cycle of an audit contains six phases: 1. Planning of the Audit 2. Execution of the Audit 3. Summarization of the Audit 4. Presentation of Results 5. Identification of the Action Plan 6. Scheduling of Follow-up There are various audits conducted throughout the Project lifecycle. ● ● ● Quality Audit Risk audit Procurement Audit 3. What does crashing project time in a project mean? • Project crashing is the method for shortening the project duration by reducing the time of one or more critical activities to less than their normal time. • Crashing is achieved by devoting more resources. Thus the cost associated with the project is increased.
