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Report on The Critical Chain - Book Report/Review Example

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However, with his new book, ‘Critical Chain,’ Goldratt centers on project management. The Theory of Constraints is a technique of…
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Book report on The Critical Chain
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Download file to see previous pages Goldratt expounds on the principles set out in the GOAL in his latest publication, CRITICAL CHAIN. First, the author carries out a description of constructs of The Theory of Management. The book delves into particular phenomena applied in project management largely and compares the same to the real process of management.
Goldratt puts together interrelated ideas that appear distinct through related processes in his Theory of Constraints. The processes and concepts include five focusing steps, performance measures, logistics, as well as logical thinking routes.
The scholar presents three important measurements of performance necessary for assessment during project implementation. They are operating expense, inventory, and throughput. According to Goldratt, it is significant to consider these three aspects as opposed to the traditional local evaluations that entail utilization and efficiency (Goldratt, 1997). To him, the three are global measures of operations. Enhancing throughput appears as the most important aspects presented by Goldratt. He defines throughput as the speed with which the system creates money through sales processes as opposed to generating money via production. In this case, he advises against considering goods as assets until the business company sells them. In earnest, he contradicts common accounting principles applied in the exercise of documenting inventory as an asset without considering whether it is sold or not. In the process, this develops a new accounting framework as an option to the existing models. The new framework replaces the common accounting measures and procedures.
The sum of money put in goods intended for selling by a business company defines an inventory. On the other hand, it can apply to the material considered for conversion by the business organization into items that the same firm can sell. This leaves out the ideas of ...Download file to see next pagesRead More
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