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(RISK-880) Key Elements for a Practical Schedule Risk Analysis

Primary Author: Luis Oscar Figueroa

Audience Focus: Intermediate
Application Type: Experience-Based
Venue: 2012 AACE International Annual Meeting, San Antonio, TX, USA

Abstract: QThe use of quantitative schedule risk analysis is becoming more common as owner and contractor organizations appreciate its potential as a fundamental tool in project management. Projects implementing effective schedule risk analysis are more likely to achieve schedule objectives. To realize maximum value, the process has to be pragmatic and promote active participation by the project stakeholders. This paper will provide both to schedule risk analysis practitioners and project management professionals an overview of a practical systematic process for performing schedule risk analysis for large construction projects. A step by step explanation of the process is provided and clarifies the essential elements that elicit the most value. Emphasis is placed on the planning and preparation requirements, including the achievement of genuine and active engagement and ownership of project stakeholders.