Risk Analysis Estimating Methods - Scheduling Risks
As Applied to the Panama Canal Case Study
Kendrick argues that establishing project planning is a necessary key requirement of managing project schedule risk (2009, p.334). Regardless of how thoroughly a project manager works to ensure that a project’s schedule is accurate, he or she cannot fully control the inevitable and random influences that may negatively impact their project schedule. Equipment failures, nature, and sick employees are just a few of the uncontrollable factors that may jointly cause a project manager to miss their project’s target date. In preparation for these risks, a project manager needs discipline to devise an appropriate, risk-controlled project schedule. These Kendrick states that scheduling risks fall into three categories (2009, p.71): * Delays - Usually caused by material delivery and availability issues. * Estimates - Minimize this risk by using better estimation procedures. * Dependencies - When one project depends on other projects or systems, a failure or delay in any area can cause a domino effect. Risk Identification is the process of documenting risks that threaten a project and determining which of those risk have the potential to cause the most impact it. The act approximating the degree of impact a risk may have on a project schedule is referred to as estimating. This paper discuses two tools or techniques of estimating scheduling risks used to predict and reduce risks and the impact on a projects schedule. This paper also demonstrates how these techniques can be applied to the Panama Canal case study. To be specific, this paper discusses the use of Brainstorming as a scheduling risk estimation technique and the Pareto diagram as a scheduling risk estimation tool. Brainstorming
The PMBOK describes Brainstorming as a group creativity technique used to generate and amass a comprehensive list of project risks (PMI, 2008, p.286). To be...
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