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(RISK-1684) Schedule Review of the Risk Model for Pipeline Projects

Primary Author: Mr. Gregory J. Whiteside CCP

Audience Focus: Basic
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA

Abstract: The purpose of the schedule is to put forth a plan for the order and timing of project tasks. The goal of a schedule review is to ensure the feasibility of the risk model for the project. It will also ensure understanding and alignment between project team members and the project sponsors who must approve the project. The schedule must not only accurately reflect primary execution activities but also include assessment of how primary risks will affect the schedule from the perspective of various subject matter experts.

The paper will develop:
  • Set up schedule risk model using @Risk® and Microsoft Project®
  • Common mistakes in modeling
  • Risk assessment of task durations
  • Logic ties
  • Risk correlations in developing the model
  • Which team members should be present and the scope of their input to the process