Event chain methodology is based on CPM and Monte Carlo simulation. It also includes a number of other principles which simplify modeling uncertainties in project schedules and make it much more accurate.
Among such principles:
a. Analysis of the moment of the risk
b. Managing chain of events
c. Event chain diagrams as a visualization of events
d. Recalculation of probability of events based on actual data.
Event chain methodology is an uncertainty modeling and schedule network analysis technique that is focused on identifying and managing events and event chains that affect project schedules.
PMBOK guide (Project Management Institute, 2004) includes a number of such schedule network analysis techniques:
2. Schedule compression
3. CCPM (Critical Chain)
4. What if scenario analysis
5. Resource leveling
Event chain methodology is another such technique. It helps to mitigate the negative impact of psychological heuristics and biases, as well as to allow for easy modeling of uncertainties in the project schedules.
Intaver Support Team