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Schedule Risk Analysis and Mitigation

Identifying and addressing risks that affect the schedule.

This topic discusses risk management techniques specific to scheduling, including risk identification, qualitative and quantitative risk analysis, and developing risk response plans to mitigate schedule risks.
5 minutes 5 Questions

Concepts covered: Monte Carlo Simulation in Schedule Risk Analysis, Schedule Risk Response Strategies, Schedule Contingency Reserves, Schedule Risk Identification Techniques, Sensitivity Analysis in Project Schedules, Risk-Adjusted Scheduling, Three-Point Estimating and PERT Analysis in Schedule Risk, Critical Chain Project Management (CCPM) for Schedule Risk Mitigation, Use of Float (Slack) in Schedule Risk Management

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PMI-SP - Schedule Risk Analysis and Mitigation Example Questions

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Question 1

In a PMI-SP context, which schedule risk identification approach involves documenting observed triggers and early warning signs during project execution?

Correct Answer: Trigger condition monitoring

Trigger condition monitoring is the correct answer because it specifically focuses on documenting and tracking observable warning signs and triggers during project execution in schedule risk management. This approach is essential in PMI-SP context as it enables proactive identification of potential schedule risks by monitoring specific conditions that may signal emerging risks. The other options are incorrect because: Schedule variance tracking focuses on measuring deviations from the baseline rather than identifying risk triggers. Root cause identification through documentation review is a reactive approach that analyzes past events rather than monitoring current conditions for potential risks. Risk breakdown structure analysis is a hierarchical organization of potential risks but does not involve active monitoring of trigger conditions during execution.

Question 2

In schedule risk management, what technique involves stakeholders privately ranking project schedule risks before reaching group consensus?

Correct Answer: Delphi Risk Analysis Method

The Delphi Risk Analysis Method is the correct answer because it is specifically designed to collect expert opinions anonymously, avoiding groupthink and social pressure. Key characteristics of the Delphi method: - Participants rank risks independently and privately - Multiple rounds of feedback and revision occur - Consensus is reached through iterative process - Anonymity prevents dominant personalities from influencing others - Structured approach to collecting expert judgment The other options are incorrect because: - Sequential Risk Assessment Protocol suggests a linear process rather than iterative consensus building - Structured Risk Prioritization Matrix focuses on weighting inputs rather than anonymous consensus building - Collaborative Risk Scoring involves open group discussions, which can lead to groupthink and social pressure, contrary to the private ranking requirement

Question 3

Which schedule risk identification technique focuses on analyzing root causes through iterative questioning about potential schedule delays?

Correct Answer: The Five Whys Analysis

The Five Whys Analysis is the correct technique for identifying schedule risks by examining root causes through iterative questioning. This technique involves asking 'why' multiple times to drill down to the fundamental cause of potential schedule delays. By repeatedly questioning the reason behind each answer, project managers can uncover the underlying issues that might affect the schedule. The other options are incorrect: The Recursive Impact Assessment Method for Schedule Evaluation is a fictional technique that does not exist in project management practice. The Sequential Chain Analysis of Schedule Dependencies focuses on examining dependencies between tasks but does not specifically address root cause analysis through questioning. The Delphi Method is a technique for gathering expert opinions through anonymous rounds of feedback, but it is not specifically designed for iterative root cause analysis of schedule risks.

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