Application of Event Chain Methodology in Schedule Risk Analysis

Abstract

Risk management has become one of the key components of successful project management, and quantitative risk analysis an indispensable ingredient of successful decision process. Although academics proposed numerous methods and techniques that determine the probability and impact of project risks, just a few have earned wider application in practice. This paper aims to bring the practitioners closer to event chain methodology, as one of the recent project risk modeling techniques that can simplify and improve accuracy of existing methods at the same time. Theoretical part emphasizes the significance of managing the risk events and event chains that affect projects every day, while practical demonstration and case study approach give insights in capability of event chain methodology and its value in real life situation.