Abstract: Classic researches on the critical chain project buffer sizing focus on the time buffer but ignore the impact of the resource buffer. In order to absorb the uncertainty of resources over time and determine a reasonable resource buffer size, a resource buffer sizing method is proposed based on time value. Firstly, the concept of resource time value is proposed considering the risk of resource effectiveness decreasing with time, and the changes of resources over time are calculated by combining the risk exposure. Secondly, the time of resource buffers are determined based on the duration and location of activities, and the location of resource buffers are determined based on the demand for resources. The resource buffers are set by reserving some resources before the execution of activities. Finally, Monte Carlo simulation is carried out by using MATLAB to verify the effectiveness of the proposed method. The experimental results indicate that this resource buffer sizing method can effectively reduce the consumption of project buffer and shorten the project duration.

Key words: project management, critical chain, resource buffer, resource reservation, time value