Abstract Number:008-0056 Abstract Title:An investigation of time buffer into the fundamentals of critical chain project management: A behavioral perspective

Number:008-0056 Abstract Title:An investigation of time buffer into the fundamentals of critical chain project management: A behavioral perspectiveTitle:An investigation of time buffer into the fundamentals of critical chain project management: A behavioral perspective Authors information : Name: Min Zhang Organization: Huazhong University of Science and Technology Address: Huazhong University of Science and Technology, School of Management, WuHan City, HuBei Province,P.R.China,430074 e-mail: [email protected] phone: 86-027-87556493 POMS 19th Annual Conference La Jolla, California, U.S.A. May 9 to May 12, 2008 An investigation of time buffer into the fundamentals of critical chain project management: A behavioral perspective Min Zhang Rongqiu Chen School of Management Huazhong University of Science and Technology Wuhan 430074 China Abstract: The TOC technique for project management is often referred to as the The TOC technique for project management is often referred to as the “critical chain” technique. It’s pivotal to determine the buffer which is suggested to providing sufficient protection against delays in project completion time. Owing to the “Student syndrome”, many buffer sizing techniques have been investigated to increase project performance. However, the decision maker is human, ‘‘bounded’’ in its ability to acquire and process information. Further research is needed to be able to make reliable predictions of individual behavior in more complex real-world decision situations. We attempt to explore the application of prospect theory to investigate such phenomenon. Furthermore, a value function defined over variations of wealth and a probability weighting function reflects the subjective probability distortion shown by most individuals will be used .Given such findings, it becomes critical to observe the decision maker’s perception when the buffer allocations are resolved.