CST CST Schedule Risk & Contingency Analysis 1 — Questions and Answers
Question 1: What is the primary purpose of a schedule risk analysis (SRA) in project scheduling?
- To identify potential schedule delays and quantify their probability and impact (Correct answer)
- To assign blame for past delays
- To eliminate all float from the schedule
- To finalize the project budget
Correct answer: To identify potential schedule delays and quantify their probability and impact
An SRA identifies risks that could cause delays and uses probabilistic methods to quantify their likelihood and effect on the project completion date.
Question 2: In Monte Carlo simulation for schedule risk analysis, what does the P80 date represent?
- The date by which there is an 80% probability of completing the project (Correct answer)
- The date with the highest probability of completion
- The 80th calendar day of the project
- The date representing 80% schedule progress
Correct answer: The date by which there is an 80% probability of completing the project
The P80 date is the date at which there is an 80% statistical confidence that the project will be completed, based on simulated schedule outcomes.
Question 3: What is a schedule contingency reserve?
- Extra time added to the schedule to account for identified and unidentified risks (Correct answer)
- Float remaining on non-critical activities
- The difference between early and late finish dates
- Approved overtime budget for critical activities
Correct answer: Extra time added to the schedule to account for identified and unidentified risks
A schedule contingency reserve is additional time built into the schedule to mitigate the impact of risks that may materialize during project execution.
Question 4: Which risk response strategy involves adding parallel activities to reduce schedule risk?
- Fast-tracking (Correct answer)
- Risk acceptance
- Risk transfer
- Risk avoidance
Correct answer: Fast-tracking
Fast-tracking overlaps activities that were originally planned in sequence, compressing the schedule and reducing the risk of late completion.
Question 5: What is the 'near-critical path' in the context of schedule risk?
- Activities with small amounts of total float that could become critical if delays occur (Correct answer)
- Activities that are 90% complete
- The second-longest path through the network
- Activities with the highest resource costs
Correct answer: Activities with small amounts of total float that could become critical if delays occur
Near-critical paths contain activities with minimal float that pose significant risk of becoming critical if delays occur, making them important to monitor during risk analysis.
Question 6: When performing a qualitative schedule risk assessment, which matrix is commonly used to prioritize risks?
- Probability and Impact matrix (Correct answer)
- Responsibility Assignment Matrix (RAM)
- Cost-Schedule Integration matrix
- Resource histogram matrix
Correct answer: Probability and Impact matrix
The Probability and Impact matrix ranks risks by multiplying the likelihood of occurrence by the severity of the schedule impact, allowing prioritization of the most significant risks.
CST CST Schedule Risk & Contingency Analysis 1
What is the primary purpose of a schedule risk analysis (SRA) in project scheduling?