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Project Risk Analysis with Events: An Introduction to Event Chain Methodology

In: Project Risk Analysis Made Ridiculously Simple

Author

Listed:
  • Lev Virine
  • Michael Trumper

Abstract

In Chapter 1 of this book, we briefly discussed quantitative risk analysis with events. Now we are going to explain this process in detail. Risk events from risk register can be used as an input for project risk analysis. You will learn how to perform risk analysis using event assignment to task and duration, and why it can provide better analysis than ‘traditional’ Monte Carlo simulations. We will also introduce you to “Event chain methodology,” which is an extension to traditional quantitative project risk analysis. To begin, we will discuss the first principle of Event chain methodology: managing single risk events.

Suggested Citation

  • Lev Virine & Michael Trumper, 2017. "Project Risk Analysis with Events: An Introduction to Event Chain Methodology," World Scientific Book Chapters, in: Project Risk Analysis Made Ridiculously Simple, chapter 6, pages 91-108, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814759380_0006
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    More about this item

    Keywords

    Project Management; Risk Management; Risk Analysis;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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