The Theory of Constraints: A Unique Alternative to Traditional Project Management

Abstract

Critical chain project management is an application of project management that derives its approach from the theory of constraints system of business management. Critical chain project management, and the theory of constraints for that matter, are not widely practiced in the pharmaceutical industry, yet many of their advantages lend themselves well to pharmaceutical product development. In any new product development organization, urgency and focus are critical elements for achieving a competitive edge, and these two elements are directly addressed by critical chain project management. A distinctive feature of critical chain project management is the measurement and reward for completion of the project as a whole and monitoring of project “buffers,” as opposed to the more traditional project management practices which rely heavily on milestone management and monitoring of individual tasks. As a result, critical chain project management focuses an organization's attention on the few key tasks that really matter to the successful and timely completion of a project. In this article, which is the result of a project management session at the DIA 37th Annual Meeting, we introduce the concepts of critical chain project management and present a case study of implementation. We conclude that critical chain project management is a viable alternative system of project management that should receive strong consideration by the pharmaceutical product development industry.