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What is the Theory of Constraints? Describe critical chain scheduling as an application of the Theory of Constraints.

What is the Theory of Constraints? Describe critical chain scheduling as an application of the Theory of Constraints.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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  1. What is the Theory of Constraints? Describe critical chain scheduling as an application of the Theory of Constraints. Show by drawing diagram (as in figure 6-11) for the project in the question above as an example of critical chain scheduling. Make appropriate assumptions including assumptions about resources.
The table below outlines the activities involved in a project along with their time and cost details. It also specifies whether each activity can be crashed, meaning whether the project timeline can be shortened by incurring additional costs. | Activity | Predecessor | Normal Time Required (weeks) | Crash Time (weeks) | Normal Cost ($) | Crash Cost ($) | Crash? (Yes/No) | |----------|-------------|------------------------------|---------------------|----------------|---------------|-----------------| | A | None | 4 | 2 | 10,000 | 13,000 | N | | B | None | 9 | 4 | 30,000 | 40,500 | Y | | C | A | 2 | 1 | 8,000 | 9,000 | N | | D | A | 4 | 2 | 12,000 | 18,000 | N | | E | B, C | 6 | 3 | 40,000 | 50,000 | Y | | F | D, E | 8 | 4 | 20,000 | 30,000 | Y | ### Table Explanation: - **Activity**: Represents the specific task in the project. - **Predecessor**: Indicates which tasks must be completed before the current activity begins. - **Normal Time Required**: Time needed to complete the activity under normal conditions. - **Crash Time**: Shortest possible time to complete the activity via crashing. - **Normal Cost**: The cost of completing the activity in the usual timeframe. - **Crash Cost**: The cost incurred if the activity is completed in the crash time. - **Crash? (Yes/No)**: Indicates whether the activity can be crashed to reduce the time. This information is essential for project managers who aim to optimize timelines and budget allocations through strategic planning.
Transcribed Image Text:The table below outlines the activities involved in a project along with their time and cost details. It also specifies whether each activity can be crashed, meaning whether the project timeline can be shortened by incurring additional costs. | Activity | Predecessor | Normal Time Required (weeks) | Crash Time (weeks) | Normal Cost ($) | Crash Cost ($) | Crash? (Yes/No) | |----------|-------------|------------------------------|---------------------|----------------|---------------|-----------------| | A | None | 4 | 2 | 10,000 | 13,000 | N | | B | None | 9 | 4 | 30,000 | 40,500 | Y | | C | A | 2 | 1 | 8,000 | 9,000 | N | | D | A | 4 | 2 | 12,000 | 18,000 | N | | E | B, C | 6 | 3 | 40,000 | 50,000 | Y | | F | D, E | 8 | 4 | 20,000 | 30,000 | Y | ### Table Explanation: - **Activity**: Represents the specific task in the project. - **Predecessor**: Indicates which tasks must be completed before the current activity begins. - **Normal Time Required**: Time needed to complete the activity under normal conditions. - **Crash Time**: Shortest possible time to complete the activity via crashing. - **Normal Cost**: The cost of completing the activity in the usual timeframe. - **Crash Cost**: The cost incurred if the activity is completed in the crash time. - **Crash? (Yes/No)**: Indicates whether the activity can be crashed to reduce the time. This information is essential for project managers who aim to optimize timelines and budget allocations through strategic planning.
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