Dynamic monitoring and control of a critical chain project based on phase buffer allocation

Improvement in the monitoring and control of the efficiency of project scheduling is a challenge for project management research. Classic static buffer monitoring methods cannot be adapted to a complex project environment with a high-degree of uncertainties. In order to overcome this challenge, this paper suggests the use of a dynamic buffer monitoring model based on the phase attributes of the project. The proposed method allocates a project buffer to each phase based on the duration rate and the network complexity of the phases, sets buffer monitoring parameters and monitors the implementation of each phase dynamically. Buffer monitoring trigger points are determined and adjusted dynamically based on the attribution of each phase. Thus, dynamic rolling monitoring and control are conducted through the implementation of these phases. The empirical analysis through a Monte Carlo simulation shows that the duration and cost determined by the proposed method are more reasonable, thus signifying that it can optimise both project duration and cost. These findings indicate that, as opposed to traditional buffer monitoring methods, the proposed approach can effectively overcome student syndrome, monitor project scheduling and avoid unnecessary cost caused by excessive measures.