CST Schedule Risk & Contingency Analysis Flashcards
6 cards from real CST practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CST Schedule Risk & Contingency Analysis flashcards as text
When should a schedule contingency reserve be released during a project?
Answer: When a specific risk event occurs and its associated impact is realized
Schedule contingency is released when the risk event it was reserved for actually occurs, ensuring the buffer is used intentionally rather than consumed arbitrarily.
What is 'schedule risk mitigation' as opposed to 'schedule risk acceptance'?
Answer: Mitigation takes proactive steps to reduce probability or impact; acceptance acknowledges the risk without action
Risk mitigation involves taking active steps to reduce the likelihood or impact of a schedule risk, while risk acceptance means acknowledging the risk and proceeding without specific action.
Which schedule risk analysis output helps project managers understand which activities contribute most to schedule uncertainty?
Answer: Criticality index
The criticality index from Monte Carlo simulation shows the percentage of simulations in which each activity appeared on the critical path, identifying which activities drive the most schedule uncertainty.
What is a 'schedule sensitivity index' used for in risk analysis?
Answer: To measure the correlation between an activity's duration variability and the project completion date variability
The schedule sensitivity index measures how strongly an individual activity's duration uncertainty influences the overall project completion date, helping identify the most schedule-sensitive tasks.
In the context of schedule risk, what is 'optimism bias'?
Answer: The tendency for estimators to underestimate activity durations, leading to schedules that are unrealistically short
Optimism bias is a cognitive tendency where estimators systematically underestimate durations and overestimate performance, resulting in baseline schedules that are compressed and prone to delays.
What is the difference between a 'risk' and an 'issue' in schedule management?
Answer: A risk is a potential future event that may impact the schedule; an issue is a current problem already impacting the schedule
In schedule management, a risk is an uncertain future event with potential schedule impact, while an issue is a risk that has already occurred and is actively affecting the project schedule.