Event Chain Methodology

Posted on March 30, 2010 by

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Event Chain Methodology

Event Chain Methodology is a project scheduling technique which accounts for the uncertainty and risk in project schedules. First, a best-case scenario schedule is developed. Then events and Event Chains are taken into account by determining their probability and impact. Events can directly affect schedule activities as well as trigger other events. When other events are triggered, it is called an Event Chain. Critical Events are either single events or Event Chains that have the highest probability of impacting the project. Monte Carlo simulation is used to statistically estimate the impact that events will have on the project. Afterwards, a Sensitivity Analysis may be performed. An illustration of the relationships among activities and events is called an Event Chain Diagram. As part of Monitoring and Controlling, the analyses should be updated as more information becomes known. To learn more, see: http://www.projectdecisions.org/paper/Paper_EventChainMeethodology.pdf.