Practical Schedule Risk Analysis and Integrated Cost-Schedule Risk Analysis  book cover
1st Edition

Practical Schedule Risk Analysis and Integrated Cost-Schedule Risk Analysis

ISBN 9781409437673
Published July 27, 2011 by Routledge
480 Pages

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Book Description

This two volume collection of David Hulett's Practical Schedule Risk Analysis and Integrated Cost-Schedule Risk Analysis provides a rigorous and detailed guide for the project risk specialist to two of the three key elements of the project triangle: time and cost. Project managers tend to believe their estimates - whether they have exceeded budgets or run overtime in the past or not. Project risks come from multiple sources including uncertain project duration, which is often ignored in cost risk analyses. In short, experience shows that cost and schedule estimating on projects is rarely successful - cost overruns routinely occur. Practical Schedule Risk Analysis contains a complete treatment of schedule risk analysis from basic to advanced concepts. Integrated Cost-Schedule Risk Analysis focuses on the way that schedule risk can generate cost risk, and how to handle this relationship. It also applies the Risk Driver Method to the analysis so that you can clearly and transparently identify the key risks, rather than just the most risky cost line items. With detailed worked examples and copious illustrations, this two-volume set offers the definitive guide to these critically important aspects of project management from surely the world's leading commentator.

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David Hulett is internationally recognised as a leading expert in risk management, leader in risk management activities of the Project Management Institute (project manager of the Risk Management chapter of the PMBOK® Guide, 2000 and Third editions, deputy PM of the Practice Standard for Project Risk Management (ongoing) and frequent conference speaker.


''This is a well documented and extensively illustrated text that takes novice and expert alike on a journey of discovering on how to handle risk and uncertainty when they apply to project activity durations ... By having each math exercise direct to apply to examples of schedule management, we arrive at the added business value of increased certainty for project duration almost before we realize that it was those simulated 5,000 random iterations that got us there... Dealing with schedule risk requires serious attention. This serious volume addresses the subject in an intelligent and instructive manner.' - Cost Engineering, Journal of the AACE 'The book being organized into eleven chapters has a broad and in-depth coverage of the subject matter...The book seeks to encourage and promote the need for project schedulers and project managers to develop practical as well as thorough competencies...Another impressive perspective is the inclusion of a novel way to take account of risks in schedule risk analaysis models called the 'Risk Driver' method - a powerful way of mapping risks to activities...The book provides an interesting read.' - PM World Today This is an extremely important book, which presents a depth of understanding of estimating and scheduling rarely seen in industry. It explains the techniques used in a number of schedule analysis software packages, and encourages a more mature approach to understanding the information presented by a project schedule. It should be required reading for all project managers, schedulers, and risk practitioners; and also for programme managers, sponsors, and all staff involved in contracting for project delivery. - John Greenwood, PMP on Hulett's latest book ... describes how one can (and really should) develop risk models that consider both cost and schedule and, more importantly, the interaction between the two. It is to be hoped that Hulett's approach will be adopted, no doubt adapted to suit each indi