About this Presentation
TOC, Theory of Constraints, is very clear on guidance with respect to WIP: Excess WIP is bad. Little’s Law demonstrates the correlation between the amount of WIP and the lead time to produce a product or a deliverable. WIP should not exceed the capacity of the available resources. So, what is WIP? Well, it depends; it is generally defined as Work in Process and is also defined as Work in Progress. There may be financial and accounting implications between the different definitions. However, we will use the terms interchangeably. Our focus will be on how to best plan, schedule and execute a work order or a project in the shortest possible time within the limitations of available resources with a high probability of delivering on time. Two different and distinct types of Planning, Scheduling and Execution approaches for Production and Project management evolved in the modern era. Perhaps the time has come for closer scrutinizing.
What Will You Learn
To help you get the most value from this session, we’ve highlighted a few key points. These takeaways capture the main ideas and practical insights from the presentation, making it easier for you to review, reflect, and apply what you’ve learned.
Time is the ultimate constraint in any project or task. It is important to manage time effectively to maximize flow.
Work in Progress (WIP) needs to be controlled to reduce cycle time and increase efficiency. Monitoring WIP can provide early warning signs of project risks and help in managing time and resources effectively.
Integrating Drum Buffer Rope and Critical Chain Project Management can help in better synchronization and management of projects. This can lead to shorter cycle times and improved project outcomes.
Instructor(s)
Daniel P. Walsh
Daniel Walsh is a sought-after lecturer, coach, strategic thinker and is a trusted advisor to many senior corporate executives, is currently a member of numerous corporate boards. In addition, he is co-founder of Exepron©, an advanced EPPM SaaS solution based on Critical Chain methodology. His current efforts are focusing on developing synchronous enterprise value chain solutions in multiple industry sectors. His research and development are centered on identifying the need to identify and leverage the strategic constraints of the enterprise, which is the key to increasing throughput. This culminated in the development of the Integrated Enterprise Scheduling®, (IES®) solution engine. Initial empirical results from deploying the IES® in a dozen large companies over a five-year period have been very promising. Many executives and thought leaders are convinced this may very well be the unified scheduling solution required for maximizing the profit of an enterprise-wide value chain. The IES approach was chronicled when he co-authored The TOC Handbook, the seminal Theory of Constraints reference textbook.