CST Schedule Risk & Contingency Analysis Flashcards

What is the primary purpose of a schedule risk analysis (SRA) in project scheduling?

Answer: To identify potential schedule delays and quantify their probability and impact

An SRA identifies risks that could cause delays and uses probabilistic methods to quantify their likelihood and effect on the project completion date.

In Monte Carlo simulation for schedule risk analysis, what does the P80 date represent?

Answer: The date by which there is an 80% probability of completing the project

The P80 date is the date at which there is an 80% statistical confidence that the project will be completed, based on simulated schedule outcomes.

What is a schedule contingency reserve?

Answer: Extra time added to the schedule to account for identified and unidentified risks

A schedule contingency reserve is additional time built into the schedule to mitigate the impact of risks that may materialize during project execution.

Which risk response strategy involves adding parallel activities to reduce schedule risk?

Answer: Fast-tracking

Fast-tracking overlaps activities that were originally planned in sequence, compressing the schedule and reducing the risk of late completion.

What is the 'near-critical path' in the context of schedule risk?

Answer: Activities with small amounts of total float that could become critical if delays occur

Near-critical paths contain activities with minimal float that pose significant risk of becoming critical if delays occur, making them important to monitor during risk analysis.

When performing a qualitative schedule risk assessment, which matrix is commonly used to prioritize risks?

Answer: Probability and Impact matrix

The Probability and Impact matrix ranks risks by multiplying the likelihood of occurrence by the severity of the schedule impact, allowing prioritization of the most significant risks.