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Critical Chain[1]

Critical Chain[1]

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Published by Jagadish Prasad
this is information about IT and its analysis written by goldratt analysed by jagadish
this is information about IT and its analysis written by goldratt analysed by jagadish

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Published by: Jagadish Prasad on Aug 11, 2009
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05/11/2014

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 jagadish has taken the gist of the book, analysed by jagadish and written notes on book,. it is insequence 1) The book is supposed to describe the lifetime of a product.. First sales are picking up, as a productis introduced into market, then they stabilize it, becomes a mature product and finally it fades out.Ans) jagadish thinks that a product if mostly introduced into the market it should not be advertised atall.The new product has to spread through word of mouth . it is so because the new product may fail or succeed depending upon quality of product. A mature product has to have lot of advertising, so thatproduct gets imprinted in consumers mind throughout its life span . it should be innovated with slightlyon regular basis to differentiate itself from crowd of products.2 it is mainly based in the shareholders expectations of future growth and future profits well foundedexpectations based on new impressive track record.. Our companies shares trade on wall street for 62dollars and 48 cents, according to yesterday paper. this high price is not justified by companies assetsor even companies profitAns) Amazing thing is that shareholders expect something of the shares they purchased called by usas speculators, but what happens to shareholders who stick to company loyally. These shareholders,who hold companies share for a long period, must be given some share of profits earned, compared tospeculators. How much, is left to discretion of companies to themselves based on the profit earned bythe respective companies.3) Product life span is six months , development time is two years. when we have to launch the fruitsof own development every six months means only one thing question is when are we going to missAns) this problem is a tricky one, lifespan cannot be matched. with development time research anddevelopment takes a long time. Question is, when are we going to miss, who can state when wouldresearch and development strike the right key . It is like an ant which does only one thing, keep storingthe grains for rainy day, eat from its granary store, so company should also go on extensively for research and development, where 10% of profits earned have to be kept aside for Research anddevelopment, why 10% why not 20%, it is so because certain percentage has to be set aside for investing into existing products instead of spending entirely on research for new products, percentagesare only numbers which are based upon intuition of the company ceo's and its board of membersdecision. I , jagadish Prasad believe in 10% which is feasible and practicable. forget about launching,because even consumers don't know what new invention would take place in future. All inventionshave come not because they were looking for it, it came like a flash to scientist while looking for other things in their mind and in research and development one should be like an ant (perseverance)4 I do have some problem, can you elaborate I (new project leader) didn't start this project and personbefore me(old project leader who left) made some wild promises and that i (new project leader ) amafraid to state that project time may be unrealistic to new project leader. like expected performance of new maiden project and time It will take to deliver it (project) Ans) it is always seen that when a new project leader is appointed in place of past project leader, thenew project leader gets stuck up because of wild promises made by left project leader. The companymust evaluate regarding the project status with the new project leader and take down his analysis andgive project leader enough time say 1 week for new project leader to understand the problem faced inproject he is going to undertakeafter analysis, project leader newly appointed, has to give status of project completion and time of completion where project has been left untouched. This would give the board of directors as to what toexpect from the new project leader in making the project a success.5 can you define what you mean by a project ans) i say in your work, have you ever come across a complex initiative that in order to manage it,people have to draw the picture of what they are supposed to do. Some block diagram of various stepsthat must be accomplished in order to achieve the objective, showing which steps should be done in
 
sequence and which in parallel, the whole intention of a project is not to save money but to makemoney6) everybody knows projects don't finish on time or on budget and if they do, it means they had tocompromise on content Ans) projects don't and can never be completed in time. it is because even after keeping a buffer project, project may lapse in time. for example suppose project leader says he is going to completethe project in five weeks, actually what project leader has done is he has calculated in his mind aboutthree weeks completion project and additional two weeks in case he encounters any project problemsthe best way to solve this problem, is project leader must state 3 weeks and start working on it. Heshould listen to his intuition what happens to the project, because of this project would be completedfast plus buffers if kept should be kept at end of project, not in between the tasks. usually projectleaders divide project into tasks and try to keep it i.e buffers in between, when you divide a projectunconsciously project leaders take into aspect about team strengths and weaknesses of its team hence to complete project successfully take only 3 weeks on the basis of intuition and not 5 weeks . itcan be termed as stretching and pushing yourself a corner and coming out of it. a project leader says 3weeks but he has to review his work every day to see to it that can be or is he able to complete within3 weeks. the best solution is review each daythe best thing is under batch completion of the project in software the first team has to pass i.e projectto later stage to second team, only after it gets fully satisfied with the project it has undertaken. Onething is for sure, if project is given to second team after 1st team has completed its project, andsuppose still problems do occur . the second team has to revert back its project back to 1st teamnow question arises as to 1st team, which would be doing another project after its completion becauseof its giving back the project to 2nd team,. the first team has to stop what it is doing and complete itstask and give it back to second team after errors have been rectified in the project . here situationarises that 1st team has some deadlines to meet for new project it has undertaken jagadish thinks that out of 5 members in the first team. 2 members who were vital for completing theproject must be got back to complete the task, not entire team shouldtheir is another situation projects are also not been able to complete because of lack of budget. If .budget say is kept 1 crore people doesn't know whether it is sufficient or not, until project is out its fagend, nobody can say till its completion datewhat is the solution monthly or weekly review has to be taken up of the projects that is remaining and projects which cost25 to 30% of profits, earned by the company must be taken up by companies. This is for bigcompanies who have taken up projects and been in to existence for 5 to 10 years and who know howto manage projectswhat would happen to those companies which are new. They should have to take some percentagebased on authorised capital. one may be thinking why authorised capital, why not issued capital it isbecause, in case of difficulty company issue more number of shares to public and can satisfy its loses.projects are run based on or should be run on authorized capital .. Issued capital is only part of authorised and if it is run on issued capital, companies cannot take up huge projects where as chanceof profit earning is huge, when projects are taken up on basis of authorised capitalin case the budget surpasses the estimate authorised capital, more authorized capital should be takento solve the problem. projects have to be taken based on profits it can earn for the company . this isanother way of looking why not combine both projects based on authorised + profit generationeven if projects are taken simultaneously take only projects based on profits, the others based on
 
authorised capital. simultaneously 3 minimum and 5 maximum projects can be taken up why 3,because 2 (25%) and 1 on profits, why 5 maximum 4 (25%) authorised ,1 on profits and rest of profitsare sent back based on research and development work and development of existing productsit is for risk takers to go by 5 projects, jagadish states best always is 3 projects which are big or 5small projects if company authorized capital is sufficient. 7) term payback : payback is time period from investing until we expect the fruits of our investment tocover the investmenteg suppose that you invest one hundred dollars and you get 50 dollar each year. assuming noinflation, your payback period it is 2 years8) which reasons, to the existing problem of product, should we consider the ones offered by topmangers who See global picture, or should it be ones offered by lower level mangers who are muchmore familiar with actual details of company problems at the ground levelAns) top management sets the vision, middle management implement the mission of company inconsultation with top management and lower level implement and put things into action . it is alreadyknown to the public that it is better to be in action i.e where problems arise. only solution is reduce corporate structure. CEO has to have direct contact with field officers or management trainees so strategy formulation of top management must be made in consultation withlower level. if organization is too large and CEO can't talk with entire force people, the lower level hasto have or must voice their opinion through writing it in open channels of communication eg orkut9) where to put buffers (safety) Ans) usually as per jagadish knowledge, in projects buffers are kept in between tasks. actually jagadish thinks buffers usually have to be kept after the end of project eg if project leader says 3weeks keep additional 1 week extra in case of emergency but never sit back attitude of 4 weekshigher the uncertainty the longer the tail of distribution curve 10) Do you understand that the time estimate that gives company a fifty percent chance is muchshorter, than their time estimate that provide an 80% chance of completing a step before the estimatedtime and don't forget the bigger the uncertainty the bigger the differenceAns) it is so because shorter the duration you keep for the project completion, the better the chancesof completing your project on time. Always keep on mind it is intuition. its your Best friend and remove buffers from your mind. Set. people and do give realistic estimatesaccording to their worst past experience in their projects 11) the effect is clear, companies are so immersed in the mentality of saving money that they forgetthat whole intention of a project is not to save money but to make moneyAns) if suppose a company is of but mindset to protect money from being spent, the last result wouldbe losses. if company go with intention to make money, they would spend time in making itsproducts go for a long time, quality would aromatically improve in life of people and job satisfactionwould be gained, and lastly company can make profits which is that company has come intoexistence to make money, profits and not to save money12) what is critical path critical path is defined as the longest chain of dependent steps longest in time of course. critical pathdetermines the time it will take to finish the project that is being undertaken by the company . anydelay on critical path will delay the completion of project that way project manager must focus on it.13) late start and early start project leader are always in a dilemma whether to start the project early or on late. usually project

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