In order to overcome the difficulty in quantifying rework by traditional project schedule management tools, this study proposes an innovative method, namely improved Critical Chain Design Structure Matrix (ICCDSM). From the perspective of information flow, the authors firstly make assumptions on activity parameters and interactions between activities. After that, a genetic algorithm is employed to reorder the activity sequence, and a banding algorithm with consideration of resource constraints is used to identify concurrent activities. Then potential criticality is proposed to measure the importance of each activity, and the rework impact area is implicated to indicate potential rework windows. Next, two methods for calculating project buffer are employed. A simulation methodology is used to verify the proposed method. The simulation results illustrate that the ICCDSM method is capable of quantifying and visualizing rework and its impact, decreases iterations, and improves the completion probability. In this vein, this study provides a novel framework for rework management, which offers some insights for researchers and managers.