Project cost and schedule risk analysis

Uncertainty is an inevitable feature of planning, and traditional techniques of network and resource analysis can do little to overcome it. Two simple initiatives can help a lot though. There are: formal steps to identify and quantify risks; and simple quantitative risk modelling. Together they make up a risk analysis process working along side conventional planning methods. Inexpensive software tools are now available for risk modelling. The author briefly discusses their benefits and then discusses the use of probabilistic models in cost and schedule risk modelling