Event Chain Methodology in Project Management
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| − | + | ==Introduction== | |
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| + | In the following article, the concept of the Event Chain Methodology(ECM) will be described in relation to the project management. It will be presented the basic principles, the methodology and the benefits of this method. The ECM is an uncertainty modeling and practical schedule network analysis technique that is focused on identifying and managing events and event chains that affect project schedules. Generally, ECM helps to: | ||
| + | <br> | ||
| + | •Mitigate effect motivational and cognitive biases in estimating and scheduling. | ||
| + | <br> | ||
| + | •Simplify the process of defining risks and uncertainties in project schedules. | ||
| + | <br> | ||
| + | •Perform more accurate quantitative analysis while taking into an account such factors as the relationship between different events and actual moment of the events. | ||
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| + | ==Methodology== | ||
| + | ==Basic Principles of ECM== | ||
| + | ===Principle 1: Moment of Event and Excitation States=== | ||
| + | ===Principle 2: Event Chains=== | ||
| + | ===Principle 3: Event Chain Diagrams and State Tables=== | ||
| + | ===Principle 4: Monte Carlo Schedule Risk Analysis=== | ||
| + | ===Principle 5: Critical Event Chains and Event Cost=== | ||
| + | ===Principle 6: Project Performance Measurement with Event and Event Chains=== | ||
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| + | ==Benefits/Limitations== | ||
| + | ==References== | ||
Revision as of 11:38, 16 September 2017
Introduction
In the following article, the concept of the Event Chain Methodology(ECM) will be described in relation to the project management. It will be presented the basic principles, the methodology and the benefits of this method. The ECM is an uncertainty modeling and practical schedule network analysis technique that is focused on identifying and managing events and event chains that affect project schedules. Generally, ECM helps to:
•Mitigate effect motivational and cognitive biases in estimating and scheduling.
•Simplify the process of defining risks and uncertainties in project schedules.
•Perform more accurate quantitative analysis while taking into an account such factors as the relationship between different events and actual moment of the events.
