Balancing Project Schedules and Risk
Most projects are not successful. According to a 2014 survey, less than 30% of capital projects are delivered on time or on budget. Planning and executing a successful project requires finding balance between the project schedule and risk.
There are five schedule risk analysis steps project teams can follow to balance schedule and risk: schedule validation, model risks, risk analysis, results analysis, and reporting & monitoring. With these five steps, teams can better understand the project plan – properly estimating schedule contingency, identifying schedule drivers, analyzing the impacts of risk against the project schedule and developing risk-based what-if scenarios, resulting in more successful projects.
Wes Gillette is Director of Client Services for Safran Software, a leading provider of Project Planning & Scheduling and Project Risk management software for project and asset-intensive industries. He has 14+ years of experience helping companies use software to solve business problems. Wes has previously held roles as Product Manager and Services Manager for Oracle Primavera Risk Analysis (Pertmaster) where in addition to consulting and training, he was responsible for developing enterprise risk methodologies for use within multiple industries including Oil and Gas, Energy, and Engineering and Construction.
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Acknowledgements: Kristin Jones