Question

Define a schedule risk factor using a credible source.

Answer 1

Schedule risk is the potential risk for any project or strategy or task, and it is numerous in the project database. Schedule risk can be categorized into three factors that are delays, dependencies and estimates.

• Delays indicate when a developer estimates a time for project duration, but it takes a much longer time. A delay is also associated with a longer time of making any strategic decisions.

• Schedule dependencies indicate the prevention of the beginning of tasks until a long-running task is completed. It affects the primary project timeline through unanticipated linkages or wrong inputs. Schedule dependency risk may change the scope of the project.

• The wrong estimation is another type of schedule risk which may delay the aspect of an accomplishment of the target of the project. The wrong estimation may also hamper the project activity and decision-making processes.

All of the above three factors are interrelated with each other. Interruption of one factor may damage the others. Hence, managers need to estimate schedule risks before starting project work. The management team can avoid the risks and precede the tasks as per the strategies, but it may be detrimental in the midway of the project. A thorough evaluation of schedule risks would be the best way to find out the solution for risk reduction.

Reference

Hulett, D.T., 1996. Schedule risk analysis simplified. Project Management Journal.