CST CST Schedule Risk & Contingency Analysis 1

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

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?

Accepted Answer

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

Answer

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?

Accepted Answer

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

Answer

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?

Accepted Answer

Fast-tracking

Answer

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?

Accepted Answer

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

Answer

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.

(CST) Certified Scheduling Technician Practice Test

(CST) Certified Scheduling Technician Practice Test

CST CST Schedule Risk & Contingency Analysis 1