The critical path method as input for quantitative schedule risk assessment
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Revision as of 17:22, 19 September 2015
Abstract
Every project faces uncertainties all along its life cycle. Dealing with risks is then a fundamental aspect for a successful project management: uncertainties can affect the possible outcomes and project effectiveness The risk management's objective is to assure uncertainty does not affect the project goals. This article aims at showing how project management scheduling tools can be included into risk management's concepts and techniques, in particular how the critical path method is used in quantitative schedule risk assessment. The concept of loop of control in risk management is a comprehensive model consisting of applicable methods, implying a dynamic and countinous model. The loop of control is built upon 4 phases: individuation, assessment, controlling and monitoring. The CPM can be used as input for developing a 3 step quantitative tool for the risk assessment phase, based on the impact and probability of risks.
- FMEA role in the project life cycle - model explanation - relation with loop of control
