Our latest download looks at the ways in which uncertainty can be managed in project schedules. In this white paper, we discuss the problems that arise from traditional methods such as the Critical Path and how Schedule Risk Analysis can mitigate them.
Understanding Schedule Uncertainty
No matter the size of your project, they all carry a degree of duration and schedule uncertainty that needs to be addressed and managed. Managing schedules for large and complex capital projects, time critical shutdowns and turnarounds, and operational maintenance requires a capable tool.
If uncertainties are not correctly accounted for, then this can cause problems for the stakeholders and, ultimately, the entire project. This problem gets exponentially worse as projects get bigger, as uncertainty builds upon uncertainty.
Having a scheduling system with built-in schedule risk analysis provides important benefits to users:
- No need to export and import network data.
- Results can be viewed alongside the original project schedule, allowing the user to visualize duration spread and probability.
- Users don’t need to learn a new tool.
- Helps organisations raise the level of awareness that activity durations are only estimates, not facts about the future.
- Allows organisations to perform duration uncertainty analysis with less effort and at less cost.
For more advanced needs, beyond duration uncertainty, organisations adopt Safran Risk, our solution for quantitative schedule and cost risk solution.
Schedule Risk Analysis
Safran Project's Schedule Risk Analysis module looks to fix this issue by introducing duration uncertainty into your schedule and by showing factors such as the spread. Schedule Risk Analysis also shows project managers and planners the need for schedule contingency.
In this whitepaper, we explore why schedule risk analysis is becoming an increasingly important concept for project management professionals. It also looks at the Monte Carlo method and how it can be applied to project planning.
As well as looking at these concepts, the whitepaper presents Safran Project and discusses the way it can be implemented to highlight and ultimately reduce uncertainty in your schedule.
Table of Contents
- Critical Path Method
- Introducing Schedule Risk Analysis
- Three Point Estimates
- Introducing the Monte Carlo Simulation
- Schedule Risk Analysis in Safran Project
- Managing Uncertainty in Safran Project
Download our new whitepaper to learn how Schedule Risk Analysis can empower your project management workflow.