Risk is generally viewed as a state of uncertainty where some possible outcomeshave positive or negative effect on project objectives. One of the key challenges facing projectplanners is to produce a reliable and realistic completion date that accounts for the manyvariables that occur through out the project that impact the timelines. Risk analysis is apowerful tool to address this challenge. This article will evaluate the schedule risk analysisessentials (such as Activity Uncertainty, Probability Distributions, Three Point Estimates,Optimistic Duration, Most likely Duration, Pessimistic duration, Risk Input interview) andaddresses how to use these tools to produce reliable completion dates. This article alsoidentifies 4 critical success factors: Proper project schedule, high quality risk data, incorporationof risks in the schedule, risk aware corporate culture. This article also includes a description ofthe tool, the output and interpretation of the output. The take away from the article is tofocuse on what counts - the most important tasks.
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