Schedule Quantitative Risk Analysis (Traditional Method)
ISBN 978-0-9947608-3-8 (Canada)
“Schedule Quantitative Risk Analysis (Traditional Method)” is a process of calculating the overall probability or chance of completing a project on time and on budget. This was two years in the making.
Quantification uses various approaches and methods. Duration ranging is the most popular one, and often referred to as the “traditional method” of schedule risk analysis. It is simple and easy to understand.
New and upcoming project managers, leaders, planners and schedulers would love to wrap their heads around this special risk-based knowledge area and will enjoy reading this book. It is because one forgets that management tools only facilitate the route and provide the quick indicators. The analysis resides mainly under the responsibility of a qualified risk-based project management practitioner like you are. There’s no claim whatsoever that the tool will do or can do everything upon command.
Knowledge of the process and understanding of the reference benchmarks employed and how they were formulated are very important in addition to being tool-savvy.The tool is a vehicle to get you where you need to be, quicker and more accurate. One must use the tool to the “tool’s right” for the project to succeed, to set it up properly for speedy and correct turnarounds less those manual errors. It was observed that some will pretend to know the quantitative tool and the processes involved, to the detriment of the company they worked in.
Traditional method of quantification is also called the three-point estimating method by many risk management practitioners. It looks at risk events and estimate uncertainties using three values of a given quantity such as duration, quantity, and cost.
Traditional method is applicable to cost risk analysis. It is excellent in capturing time-bound cost elements. The skills needed to perform SQRA has eluded many even as they try to learn how to effectively utilize the tool. Relying on bits and pieces of information without understanding the quantitative process is a major sticking point. It is my intention to address them, giving you, the readers, full understanding of the subject. Isn’t that what you want? Of course you do! Hi