This forum includes discussion about project risk analysis and risk management theory: Monte Carlo simulations, Event Chain Methodology, schedule and cost risk analysis. Please submit questions and case studies about your experience with our project risk analysis software.
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I think one of the major challenges in project analysis with risk and uncertainties is not forecasting duration and cost of partially completed task. How RiskyProject solves this problem?
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Monitoring the activity's progress ensures that updated information is used to perform the analysis. During the course of the project, the probability and time of the events can be recalculated based on actual data. Quantitative analysis can be performed again and a new project schedule and cost will be generated. The main issue with performance tracking is forecasting an activity’s duration and cost if an activity is partially completed and certain events are assigned to the activity. The simple heuristic approach to this problem is to analyze the moment of risk, which is defined as one of the event parameters. If the moment of risk is earlier than the date when actual measurement is performed, this event will not affect the activity.
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