Scheduling and Risk

CM
AR 553
Analysis
E D E R A , E D E LY N N M .
BARANGAS, ADRIAN CARLO R.
 Scheduling and
Risk Analysis
DEFINITION

is a planning procedure that aims to improve

the predictability and performance of a
project. As a result, it helps project managers
assess the likely impact of uncertainty and of
individual risks on time to completion.

Used effectively, schedule risk analysis is a key

weapon in any project manager’s arsenal and
will provide meaningful and actionable
information to drive better decision-making.

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5 STEPS IN
SCHEDULING AND
RISK ANALYSIS
 FR

To Reduce Resource
Costs
The essence of integrated schedule risk
analysis is that “time is money.” In simple
terms, the cost of non-labour resources is
likely to increase if the task they're used
for takes longer than planned. With a
better analysis of time-to-completion and
an accurate determination of project end-
date, project leaders can better estimate
the number of resources required and
therefore reduce burn rate costs.

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 FR

To Reduce Labour
Costs
If an activity is originally scheduled to
take 30 days and takes 50 instead, labour
costs are likely to increase in line with the
extra time. Likewise, indirect costs such
as the management of the project team
will increase if the project goes on longer
than expected. Once more, with a better
estimation of project end-date, project
leaders can improve communication with
their labour force and reduce
unnecessary costs.

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 FR

To Identify High-Risk
Areas
Traditionally, the aim of schedule risk
analysis was to identify the greatest risks
to project overrun. Today, it has evolved
to be used to prioritize risk mitigation
effort. Using quantitative methods,
project managers can focus key resources
where attention is needed, making risk
mitigation an available and practical tool
for effective management.

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 FR

To Accurately
Determine Project
End-Date
As time estimates are always subject to a
margin of error, stakeholders often feel more
comfortable with a range of duration for
project activities rather than a precise
calculation. Range estimates and risk
assessment are complex and require
analytical skills and basic knowledge of
statistics. But with a basic understanding of
probability and distribution functions, project
managers can better estimate the effects of
unexpected events on the project outcome
and more accurately determine project end-
date.

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 FR

To Produce Actionable
Information
Schedule risk analysis is only beneficial
when it produces information that can be
acted upon to minimize or mitigate the
risks it's outlined. While schedule risk
analysis is often synonymous with
techniques such as the Monte Carlo
simulation, if it is to be truly effective it
must include the impact of individual
risks rather than just a measure of the
uncertainty of schedule durations.

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 FR

To Produce Actionable
Information
A basic Monte Carlo analysis will provide
a list of cost items or schedule activities,
but it will not provide actionable
information to inform key decisions.
Schedule risk analysis used properly
provides substantially more actionable
information and assesses the likely
impact of individual risks to time-to-
completion to provide tangible results in
a variety of real-world situations.

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 Data Protection
Management (DPM)
DEFINITION

Data protection management (DPM)

is the administration of backup
processes to ensure that tasks run on
schedule, and that data is securely
backed up and recoverable. Good data
protection management means
having effective processes and
methodologies in place to maintain
data integrity.

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 Data Protection
Management (DPM)
DEFINITION

Modern data protection management tools

allow storage administrators to set service
level-driven backup and recovery policies and
tier data protection based on its value to the
business. The newer products are designed to
help administrators understand what is or is
not working in their environment so they can
spend less time troubleshooting and more
time managing errors and infrastructure
issues. A data protection management tool
can provide visibility into such issues that isn't
possible with a standalone backup
application.

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 SLAM technique
DEFINITION

The SLAM (Stop…Look…

Assess…Manage) technique
reminds workers to stop work if
they think their health and safety
is at risk.

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 SLAM technique
DEFINITION

By using the SLAM technique workers will

value the importance of health and safety
and so help create a healthy and safe site.
By remembering SLAM, workers are more
likely to stop work if a task appears
unsafe or risky to their health, or to stop
their colleagues behaving in an unsafe or
unhealthy way.

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How to use the SLAM
technique?
Stop FR
■ Stop the task and think. Look at each step. Ask:
▬ Is this a new task?
▬ Has the task changed?
▬ When was the last time I did this task?
▬ Do I feel comfortable doing this task?
▬ If not, do I need training?

Look
■ Look before, during and after completion of the task. Always:
▬ inspect the work area for potential hazards, eg unsecured ladders,
untidiness;
▬ identify the hazards for each step of the job/task; and
▬ evaluate what to do about them.
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Assess FR
■ Are workers equipped to perform the task safely? Check
they have the correct:
▬ knowledge;
▬ skills;
▬ training; and
▬ tools.
■ What else do they need to perform the task safely?
▬ Help? (Workers should be encouraged to ask for help.)
▬ More training? (Workers should not perform the task until
they have been trained.)

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 FR
Manage
■ Managers should take appropriate action to eliminate or
minimize any hazards on site by:
▬ ensuring the proper equipment is used and is well
maintained; and
▬ thinking about the task just completed and ask, “What went
well? What did not go well?”
■ Ask yourself:
▬ Did anything unexpected happen?
▬ How can I be better prepared and plan for this in future?

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 Critical chain
project management
DEFINITION

This project management method

comes into force after the initial
project schedule is prepared, which
includes establishing task
dependencies. The evolved critical
path is reworked based on the Critical
Chain Method. To do so, the
methodology assumes constraints
related to each task.

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Critical Path project
management defines
three types of buffers
 FR
Project Buffer: The total pooled buffer depicted in the image above is
referred to as the project buffer.

Feeding Buffer: In a project network, there are path/s which feed into the
critical path. The pooled buffer on each such path represents the feeding
buffer to the critical path (depicted in the image below), resulting in providing
some slack to the critical path.

Resource Buffer: This is a virtual task inserted just before critical chain tasks
that require critical resources. This acts as a trigger point for the resource,
indicating when the critical path is about to begin.

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 Resource Loading
DEFINITION

is a technique for plugging time,

material, and workforce needs into the
schedule to see what is needed where,
when, and for how long. For instance, in a
construction project, we may estimate
that 100,000 square feet of drywall need
to be installed in a two-week period. We
determine how many men it will take to
do the installation, how many sheets of
drywall are needed, and add them to the
schedule mix.

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