Establishing Risk-based Schedule and Cost Contingency
Establishing and managing schedule and cost contingency are integral to project risk management. Yet many organizations still struggle to define and adopt best practices that provide the organization confidence in their contingency setting processes.
In this session we’ll cover the challenges of traditional approaches to setting schedule and cost contingency and why they can undermine project success. We’ll then take a look at an analysis-based approach using an integrated schedule and cost risk analysis to understand the impact of risks on the project, identify risk and quantify the impact of those risks, and then evaluate multiple scenarios to determine the appropriate schedule and cost contingency. This technique provides more insight and confidence for the project team and stakeholders.
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