Modern Project Management

(ISSN: 2317-3963)

On the use of Schedule Risk Analysis for Project Management

Mario Vanhoucke
Faculty of Economics and Business Administration, Ghent University; Belgium Technology and Operations Management Area, Vlerick Business School, Ghent, Belgium; University College London, United Kingdom Belgium


The purpose of this paper is to give an overview on the existing literature and recent developments on the research on Schedule Risk Analysis (SRA) in Project Management (PM) to measure the sensitivity of activities and resources in the project network. SRA is a technique that relies on Monte-Carlo simulation runs to analyze the impact of changes in activity durations and costs on the overall project time and cost objectives.

First, the paper gives an overview of the most commonly known sensitivity metrics from literature that are widely used by PM software tools to measure the time and cost sensitivity of activities as well as sensitivity for project resources. Second, the relevance of these metrics in an integrated project control setting is discussed based on some recent research studies. Finally, a short discussion on the challenges for future research is given. All sections in this paper are based on research studies done in the past for which references will be given throughout the manuscript.

Keywords: schedule risk analysis, Monte-Carlo simulation, change impact analysis.



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