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Project Management using Event Chain Methodology
Conclusions
What we have just described sounds very complex. Are we able to use this modeling methodology for the real life schedules? The beauty of this approach is that it is includes a very well defined mathematical model that can be easily implemented as a software algorithm. Project managers must define project schedules and risk lists or risk breakdown structures. For each risk, the manager defines the chance the risk will occur, the risk’s impact (delay, increase cost, trigger other risks, cancel task, etc.), and when will the risk occur during the course of activity.
The question, which is often raised, does Event Chain Methodology lead to better project management? The answer is the methodology allows us to model projects with uncertainties in a much simpler manner. It also allows us to mitigate psychological biases related estimation and as a result provide better forecasts and project tracking. If risk and uncertainties based on Event Chain Methodology are defined properly, your project schedule should be much more robust. Remember, most project managers actively create and update project schedules and risk lists. Event chain methodology allows you to combine both lists to provide a simple answer to the central question of project management - how long will the project take and how much will it cost if an event occurs.
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