Every estimate included is a schedule has a degree of risk (ie, an uncertainty that matters) associated with the estimate. It is impossible to predict the future with complete certainty - recognising and managing this risk leads to far better project outcomes than attempting to avoid the risk through contracts or simply ignoring the issue. For more on managing risk, visit our PM Knowledge Index.
Tools to help assess schedule risk include:
Acumen Risk™ - an integrated cost/schedule risk analysis tool combining true cost and schedule risk analysis against a native project plan together with identified risk events from a project risk register. It is the first truly integrated and easy-to-use cost/schedule risk analysis and risk register software that helps you effectively account for and proactively reduce project risk exposure. Acumen Risk’s Uncertainty Factor is a simple-to-use sliding scale that project teams can relate to, to develop a truly integrated means of linking schedule risk to cost risk so that you can determine the impact of schedule delays on your project cost estimate. See: http://www.deltek.com/products/ppm/risk/acumen-risk
Barbecana’s Full Monte is schedule risk analysis software that integrates seamlessly with Microsoft Project 2007 through to 2016. Full Monte for Oracle Primavera P6 is a standalone application working directly against the P6 database, so requires no import or export. Full Monte utilizes the Monte Carlo simulation method, and is fast and easy-to-use. Some of the features include:
SCRAM: The Schedule Compliance Risk Assessment Methodology (SCRAM) is an approach for identifying risks to compliance with the program schedule, it is the result of a collaborative effort between Adrian Pitman from the Australian Department of Defence, Angela Tuffley of RedBay Consulting in Australia, and Betsy Clark and Brad Clark of Software Metrics Inc. in the United States.
SCRAM focuses on schedule feasibility and root causes for slippage. It makes no judgment about whether or not a project is technically feasible. SCRAM can be used:
For more information and free resources see: https://sites.google.com/site/scramsitenew/home