Preparing for project’s Schedule Quantitative Risk Analysis is like painting a wall. The wall preparation takes the longest before the final paint coat is applied. The last layer becomes as essential as sanding debris and covering all holes with joint compounds. Up to 80 percent of the Schedule Quantitative Risk Analysis (SQRA) effort is preparing the risk model. The remaining twenty percent (20%) is on the proper use of the tool, e.g., OPRA, previously called PertMaster, Deltek Acumen Risk, and others.
If the schedule is not of good quality and not modeled correctly, then the 80% effort amounted to nothing. The resulting assessment can become unreliable if not all wrong that it can derail the project!
Book Cover-Schedule Quantitative Risk Analysis (Traditional Method).copyright2021
SQRA PREPARATION TIPS
- Identify the right stakeholders and resources who will provide the duration ranges and critical risk inputs.
- Arrange practical risk workshops. Choosing the proper venue sets the tone for a serious, goal-oriented workshop. Risk facilitators must not take the risk-facilitated session for granted
- Holding one-on-one or group interviews.
- Ensure that the schedule is of high quality.
- Proper use of the risk analysis tool.
- Relevant driving planning documents must be ready as references three (3) to four (4) weeks before the quantitative risk analysis workshop. These are critical documents that will provide the necessary information in formulating a dependable result.
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About the Author
Rufran C. Frago is the Founder of PM Solution Pro, a Calgary consulting, product, and training services firm focusing on project and business management solutions. He is passionate providing advice, mentorship, education and training through consultation, collaboration, and what he uniquely calls, student-led training.
BOOKS AUTHORED BY RUFRAN FRAGO
- Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective.ISBN 978-0-9947608-0-7.Canada
- Plan to Schedule, Schedule to Plan.ISBN 978-0-9947608-2-1.Canada
- How to Create a Good Quality P50 Risk-based Baseline Schedule.ISBN 978-0-9947608-1-4.Canada
- Schedule Quantitative Risk Analysis (Traditional Method).ISBN 978-0-9947608-3-8.Canada
- RISK, What are you? The Risk Management Poem: Children’s Book for all Professionals.ISBN 978-0-9947608-4-5 (Canada)