Avoid wasting slack times. Part of this is accomplished by using median rather than conservative time estimates. Encourage early activity completions. Work to plan, and avoid tampering. Monitoring and communicating buffer statuses are key in managing the ongoing project.
Critical chain deals with project management s challenge to deal with uncertainty effectively.
However, there is much more that we can do to manage uncertainty. Decision Analysis with Monte Carlo Simulation Decision analysis is the discipline for making decisions and evaluations under uncertainty. The quality of an outcome is determined by a numeric value function that measures goodness or progress towards the organization s objective. EV is the probability-weighted average value. It is identical to the mean statistic.