What is the Theory of Constraints? Describe critical chain scheduling, an application of the Theory ...

The Theory of Constraints (TOC) is a management philosophy developed by Eliyahu M. Goldratt and is based on the metaphor of a chain and its weakest link: Any complex system at any point in time often has only one aspect or constraint that limits the ability to achieve more of the system's goal. For the system to attain any significant improvements, that constraint must be identified, and the whole system must be managed with it in mind.

Critical chain scheduling is a method that considers limited resources when creating a project schedule and includes buffers to protect the project completion date. An important concept in critical chain scheduling is the availability of scarce resources. For instance, if a particular piece of equipment is needed full time to complete each of two tasks that were originally planned to occur simultaneously, critical chain scheduling acknowledges that one must either delay one of those tasks until the equipment is available or find another piece of equipment in order to meet the schedule. Other important concepts related to critical chain scheduling include multitasking and time buffers.