ASSIGNMENT Section-A Group-2 Sub Group-3 Submitted To: Anurita


ASSIGNMENT 1: BOOK
REVIEW

 

 

 

Submitted By:

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Deepanjan
B.                         : A13567116046

Omkar K. Singh                    : A13567116052

Greeshma Falgunan             :
A13567116063

Manjushree Pal                     : A13567116072

Surendra Babu                      : A13567116085

 

MBA
CE&QS Section-A Group-2

Sub
Group-3

 

 

Submitted
To:

Anurita
Bhatnagar

Assistant
Professor

 

 

School
of Construction

RICS
SBE

 

 

PART-1:
SUMMARY

Introduction

“Critical Chain” by Eliyahu
Goldratt, the foremost theme of the book is to change Goldratt educational
system to theoretical and practical way to change the industrialization and world
of business. This book is mainly focusing on problems faced by business people
about the completion of project on time and for that problem eradication he
explains how the ‘Theory of Constraints’ can be applied to schedule generation,
resources constraints and various other multiple projects. A group of three
members was organized for intensive research and solving of problems especially
in technology, social or political strategy. In this book, the importance of
critical chain is explained using different situations in the business.
Identifying the solution and insertion of buffers, budget over runs, time over
runs, bell curved, pert and Gantt techniques, critical path, student syndrome,
project buffers, feeding buffers, resources buffers, all these topics were
covered based on the situations explained. The management system in the
organization regarding management blaming is also explained as top management
blames the external factors and low-level management blames the internal factors.

Core-idea

In this book, the writer
has tried to cover critical chain theory from project management. In this book
most of the concepts from critical chain theory are covered such as Theory of Constraints
primer, Student syndrome, how time estimates should be scheduled, resources and
bottlenecks, resource constraints, cost of money and every concept is explained
with a real-world example. The writer tries to create a real-life situation and
tries to explain the concepts within the given situation. In short, it’s a book
that explains critical chain theory with good real-world examples.

The
Story

The story tells us about
the problems faced by business school. Richard, the main lead is appointed as
associate professor in the business school, who is trying to get tenure to
improve his quality of life. He is given with the Project Management course to
teach to the MBA program students in which some are experienced and have
practical knowledge of work. This is a big task for him and a chance to prove
himself. Richard has bookish knowledge about various concepts of project
management which he shares with his class and ask them to share their
experience and to relate it with the concepts which he know to find a new and
innovative solution of that problem. This reslts into a concept of ‘Critical
Chain’. Richard had a open way of teaching which quite impressed the class.
Richard is also moved by the three students Mark, Ruth, Fred who have joined
the MBA program to find a solution to the problem in their company about the
big development cycle of their product. ‘Critical Chain’ covers a few important
topics: time estimation, ways to create safety buffers, ways those buffers can
fail, danger of multitasking, importance of optimizing for the lead time. It
focusses more on traditional project management approaches. It also highlights
the business schools’ inability to teach relevant management techniques,
applicable in the industry.

Book-Review

The book takes us to
various steps and real-life examples related to project management and author
has focused on business as well as academics and tried to answer project
management question arising out of industry. These real-life examples were very
beneficial and very easy to understand the concept. These concepts will really help
in the construction projects if applied on it and can reduce the time and cost of
the project. However, in only if one project is their then it is easy to manage
project management constraints but in this book professor and students discover
a process to approach critical chain when multiple projects are to be managed.
The concepts in the book are potent for big projects only. The information is
not helpful for small projects. But in all, the author makes idea relatable and
easy. 

 

PART-2

Question:

Chapters 1 through 3 of
“Critical Chain” by Eliyahu Goldratt introduce the main characters of this
business novel. Mark, Ruth, and Fred work in new product development and are
charged with shrinking the cycle time. Products at their firm currently have
about a 6-month life cycle but development of next generation products takes
about 2 years. If this was the cycle time at your construction material firm,
what would you suggest to these folks on the newly formed “think tank”?

Answer:

Considering the manufacturing
company of a clay brick, the development time is huge and the demand of clay
bricks are increasing in new projects. So, the development time needs to be
reduced to meet the increase in demand which is emerging now and in the future.
Certain changes are needed in the manufacturing process of the clay brick as
with the same speed of manufacturing of bricks, it will be difficult to fulfill
the emerging demand in the future.

 

 

 

 

 

Diagrammatic
Representation of Manufacturing of Clay Bricks

 

Few recommendations
considering the phases of manufacturing of clay bricks are: –

·        
Proper planning should be done before
manufacturing. Critical path of the process should be identified and a proper
buffer time should be given at the last to complete the process on the planned
completion time.

·        
Along with it, critical activities need to
be identified and required crashing of activities must be done in order to
reduce the time of that particular activity which will lead to cycle time
reduction.

·        
As we all know about the student syndrome,
so it’s obvious that the activity will be started late and the late start of
activity will lead to late finish of the activity. So, the activity should be
started at the early start so that it could be finished at the earliest.

·        
The evaporating cloud can be used as the
suppliers will be given advance to supply the material early and they should be
always ready with the raw material to deliver as soon as it is needed which
will reduce the waiting time when urgent requirement of raw material is needed.
Thus, it will be a win-win situation for both the parties.

·        
Adding more number of resources such as
buying more machines so that bulk of bricks are produced at the same time
reducing the overall cost of manufacturing the brick and huge number is produce
which will meet the demand of future.

·        
As only increasing the number of machine
will be a bottleneck, so with the increase in number of machine, more people
hiring is needed to manage and function of those machines.

·        
In this way the quality of the product can
also be monitored properly at each stage.

 

 

 

 

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