Event Chain Methodology in Project Management
Introduction
The purpose of the following article is to present the concept of the Event Chain Methodology(ECM) in the project management by describing and analyzing the basic principles, the methodology, the uses, and 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.[1],[2],[3].Generally, ECM is a tool which helps the project management in different ways by:
•Mitigating effect motivational and cognitive biases in estimating and scheduling.
•Simplifing the process of defining risks and uncertainties in project schedules.
•Performing more accurate quantitative analysis while taking into an account such factors as the relationship between different events and actual moment of the events.
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
Benefits/Limitations
References
- ↑ [Trumper M., & Virine L. (2011). Event Chain Methodology in Project Management. European Journal for the Informatics Professional] '
- ↑ [https://www.pmi.org/learning/library/risk-analysis-decisions-uncertain-times-6686] '
- ↑ [https://en.wikipedia.org/wiki/Event_chain_methodology#cite_note-1] '
