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

Lev Virine and Michael Trumper

Chapter 6 in Project Risk Analysis Made Ridiculously Simple, 2017, pp 91-108 from World Scientific Publishing Co. Pte. Ltd.

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.

Keywords: Project Management; Risk Management; Risk Analysis (search for similar items in EconPapers)
JEL-codes: D81 G32 (search for similar items in EconPapers)
Date: 2017
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