After examining the model contrasting Earned Value and Critical Chain, it is evident that both approaches have their unique strengths and weaknesses. While EVMS may be more suitable for tracking completed work and measuring intermediate progress, CCPM may be more beneficial for projects with complex schedules and a need for reliable completion dates. Ultimately, it depends on the specific needs and goals of a project to determine which approach to use.
However, what is clear is that both approaches require good discipline, high levels of resource planning, and have a variance analysis process built in. This emphasizes the importance of having strong project management skills and processes in place regardless of the chosen approach.
In addition, it was interesting to note that neither approach prevents scope creep or has a complete risk management system built-in. This highlights the importance of addressing these issues separately and proactively managing risks throughout the project lifecycle.
Furthermore, I found it insightful that CCPM’s strength lies in insuring the project’s completion date while being independent of financial data. This aligns with research by Leach (2014), who argues that using critical chain methodology can lead to better scheduling accuracy while minimizing cost overruns. Additionally, Leach suggests using buffer management as a way to address schedule variations, which aligns with CCPM’s use of project buffers.
Overall, this model provides a valuable comparison between EVMS and CCPM and highlights the strengths and weaknesses of each approach. It emphasizes the importance of understanding project requirements before choosing an approach and implementing strong project management practices throughout the project lifecycle.
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