The objective of a Quantitative Schedule Risk Analysis (QSRA) is to forecast the completion (or intermediate milestone) of your project. Understanding of the key risks, opportunities & uncertainties driving the forecast are an integral part of any exercise.
Quantitative Schedule Risk Analysis
There are multiple ways to conduct a QSRA. Some common examples include extrapolating from past trends – either other projects or the one being analysed if already underway, using specialist Monte Carlo software to analyse a project schedule/network/Gantt.
The graph to the right shows typical outputs from a Monte Carlo QSRA on a project schedule using a range of possible completion dates.
Individual Risk Influence on the Project Schedule
A QSRA will show the key driving risks that can impact a projects schedule. The tornado chart to the left is a graphical representation of the key drivers of the forecast.
What a QSRA can do for you
- Provide a realistic forecast
- Illuminate the key driving factors
- Quantify the time and schedule benefits of intervention
How this will help
- Organisational decision making
- Risk efficient choices
- Project selection