Project Decision and Risk Analysis


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Project Risk Management and Decision Analysis: Articles and White Papers 

Project Management using Event Chain Methodology

You spent a lot of time and effort creating a well-balanced project schedule and thought that you had taken into account almost every possible scenario and risk. However, as soon as you started implementing your project plan, something happened and your schedule became obsolete. This “something” is an unpredictable event. As a result, you have either to significantly update or create a new project schedule and then, another unpredictable event occurs. This repeats again and again, until start to believe that project scheduling is not only futile, but unnecessary. This scenario is very common for projects with multiple risks and uncertainties and especially true in research and development projects such as those found in the software industry. So what should we do in these cases? Should we completely give up scheduling, risk management, and concentrate only on high-level project planning, or is there still a way to provide realistic estimates for project schedules that have multiple uncertainties? 


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