Identifying Project Schedule Risk, Coursework Example

1. What are the schedule risks in getting this machine up and running?

The schedule risk is simply the likelihood of being unable to meet the scheduled plans and the consequent affect of the particular failure. Projects like the one in this case scenario are full of uncertainties and risks. The schedules in most cases flip in cases when the risk has already become a reality and these are likely to have an increase effect on the time the product will take to the market place. Schedule risk is indeed the most common within the Project Experience Risk Information Library (PERIL) database that represents approximately a third of the particular records. The schedule risks are three broad categories that include dependencies, delays, and estimates. The schedule risk includes the risk of shutting down the machine, removing the existing machine, installing the new machine and carrying out a test on it, as well as incorporating the specialist to work on the new machine.

2. Is there a dependency risk? If so, what can you do to reduce this dependency risk?

The dependency risks are the sternest category of the schedule risk existing within the PERIL database and actually average to approximately five weeks of the impact per incident. There are several categories of the dependency risks that have been reported, but it is significant to indicate in this paper that the most significant ones within the database are the dependencies on the project support and the other projects. Indeed, the dependency risks that are derived from the other projects are some of the most frequent of the various dependency risks and at the same time the most damaging with an estimated average of five weeks.

Within the larger projects that are often referred to as programs, several smaller projects are always interacting and linking with each other. Furthermore, apart from the provision with each other with the deliverables and information that are aimed at meeting a specified goal, each of the projects that exists within a given program are expected to synchronize the schedule timing in order to avoid being made to slow down by several other programs within the program. There is a dependency risk in this project and the dependency risk is caused by the fact that the specialists who are expected to work on the project are also assigned to another project at the same time. Indeed, it is not easy for the support staff to multi-task in different projects and still manages to meet the set deadlines of the projec6t tasks. It is therefore significant to indicate in this paper that in order for the dependency on the support staff or specialist to be reduced, it is significant to recruit specific specialists for the project or assign the existing project to other specialist so that they are able to concentrate on one project. However, in a case where it is significant to reduce costs significantly, the tasks of the two projects should be scheduled in such away that they are performed at different time periods to avoid conflict.

3. Referring to Figure 4-1 in Kendrick, are there schedule risks in the PERIL database that may be relevant to this project (page 72 on attachment)?

The figure that is presented in page 72 of the attachment shows several schedule risks that are very relevant to the scenario given. Some of these include the estimate learning that refers to the risks of making wrong project schedule information. The other is the delay parts that refers to the delays in the implementation of the project as a result of relying on the support staff or specialists who are at the same time working on another project, this also falls under the dependency project on the diagram. Further, there is the estimate judgment and estimate deadline that refers to the risks according to the scenario given that will be incurred in case the four week deadline provided in the project schedule is not met. Finally, there is the delay decision where the project management appears not to have settled on a specific decision to deal with the project in terms of time schedule and incorporation of the specialists.

4. Using sources cited by Kendrick, how are you going to get estimates for the time it will take to perform the three major steps in replacing the machine?

According to the sources cited by Kendrick, the estimation of the project time is extremely significant. The estimation will be carried out through finding and subsequently using the historical data, experts’ judgment and Delphi group estimation, parametric formulas and experienced based rules among several other procedures provided by Kendrick.

5. How will you check the validity of these estimates in order for you to feel comfortable about them?

It is significant to check the validity of the estimates made in regard to the project in the scenario given. This can be carried out through the use of Program Evaluation and Review Technique that will ensure that the implementation process is carried out as per the schedule provided and consequently reducing the schedule risks.

Reference

Parkinson, C. N. Identifying Project Schedule Risk. Chapter 4.