Project management Research Paper Example | Topics and Well Written Essays - 250 words

Project management - Research Paper Example In such cases there may be no time for iterations even if it means compromising on product quality. The adaptive model solves these problems and delivers solution according to the situation. This is an excellent model and would fail only if the project team is incompetent to adapt to the changing objectives. Extreme PMLC model has a high probability of failing at each step because the objectives are not known beforehand and are derived from previous phases. Thus, there is a high chance of going awry. The risks associated with this model can be mitigated by high level of client involvement (Wysocki & Rudd, 2003). Critical path chain method proves to be more efficient than critical path method for project management. Critical chain method helps in reducing the project duration by about 30% generally. It leads to better utilization of resources. The critical and non-critical tasks are both given equal attention in this method. Critical path chain method makes optimum use of buffers which is not done in case of critical path method. It also adds the best practices from PMBOK, Lean and Six Sigma to critical path method. For example, Critical path method if used by Navy would tell the critical path but would give misleading information because a number of days in between are safety days or lags which the navy cannot afford. The same are removed in critical path chain