CST CST Schedule Risk & Contingency Analysis 2

Question 1

What AACE International recommended practice provides guidance on schedule risk analysis?

Accepted Answer

AACE RP 57R-09

Answer

AACE RP 57R-09 provides a framework for integrated cost and schedule risk analysis, including Monte Carlo simulation methods for project schedules.

Question 2

In schedule risk analysis, what does a 'three-point estimate' consist of?

Accepted Answer

Optimistic, most likely, and pessimistic duration estimates for an activity

Answer

A three-point estimate uses optimistic (O), most likely (M), and pessimistic (P) durations to model activity duration uncertainty for risk analysis.

Question 3

What is schedule risk exposure?

Accepted Answer

The product of the probability of a risk event occurring and its schedule impact in days

Answer

Schedule risk exposure quantifies the expected schedule impact of a risk by multiplying its probability of occurrence by the number of days of delay it would cause.

Question 4

Which technique involves deliberately planning workarounds in advance for risks that have high probability and high schedule impact?

Accepted Answer

Contingency planning

Answer

Contingency planning creates predefined response strategies (workarounds) for high-probability, high-impact risks so that the team can react quickly if those risks materialize.

Question 5

In a Monte Carlo schedule simulation, what does a wider spread in the S-curve output indicate?

Accepted Answer

Greater uncertainty and risk in the schedule

Answer

A wider S-curve spread in Monte Carlo output indicates that the range of possible completion dates is large, reflecting higher schedule uncertainty and risk.

(CST) Certified Scheduling Technician Practice Test

(CST) Certified Scheduling Technician Practice Test

CST CST Schedule Risk & Contingency Analysis 2