CST CST Schedule Risk & Contingency Analysis

Question 1

What is the primary purpose of a schedule risk analysis (SRA) in project scheduling?

Accepted Answer

To identify potential schedule delays and quantify their probability and impact

Answer

To assign blame for past delays

Answer

To eliminate all float from the schedule

Answer

To finalize the project budget

Question 2

In Monte Carlo simulation for schedule risk analysis, what does the P80 date represent?

Accepted Answer

The date by which there is an 80% probability of completing the project

Answer

The date with the highest probability of completion

Answer

The 80th calendar day of the project

Answer

The date representing 80% schedule progress

Question 3

What is a schedule contingency reserve?

Accepted Answer

Extra time added to the schedule to account for identified and unidentified risks

Answer

Float remaining on non-critical activities

Answer

The difference between early and late finish dates

Answer

Approved overtime budget for critical activities

Question 4

Which risk response strategy involves adding parallel activities to reduce schedule risk?

Accepted Answer

Fast-tracking

Answer

Risk acceptance

Answer

Risk transfer

Answer

Risk avoidance

Question 5

What is the 'near-critical path' in the context of schedule risk?

Accepted Answer

Activities with small amounts of total float that could become critical if delays occur

Answer

Activities that are 90% complete

Answer

The second-longest path through the network

Answer

Activities with the highest resource costs

Question 6

When performing a qualitative schedule risk assessment, which matrix is commonly used to prioritize risks?

Accepted Answer

Probability and Impact matrix

Answer

Responsibility Assignment Matrix (RAM)

Answer

Cost-Schedule Integration matrix

Answer

Resource histogram matrix