On the use of Schedule Risk Analysis for Project Management
Vanhoucke, Mario
Vanhoucke, Mario
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Publication Type
Journal article
Editor
Supervisor
Publication Year
2015
Journal
The Journal of Modern Project Management
Book
Publication Volume
2
Publication Issue
3
Publication Begin page
109
Publication End page
117
Publication NUmber of pages
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Abstract
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.
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Keywords
Operations & Supply Chain Management