The Schedule Network Analysis can begin once the Project Schedule has been created during the Develop Schedule Process, as explained in the PMP Certification course. Critical Path Method or Schedule Compression are two methods for Schedule Network Analysis. Another method of scheduling network analysis is WISA (What-If Scenario Analysis). Here, we’ll go over all you need to know about What-If Scenario Analysis.
Most effective What-If Scenario Analysis approach, objective, and the hazards associated with it
What-If Scenario is an analysis of “what if X were to alter? Would it result in a shorter timeline?” The project schedule can be influenced by a variety of criteria and circumstances — some negative, some positive. We may mention some of them, such as hazards, the activity assignee’s expertise, the number of resources, and so on. In a What-Whether Scenario Analysis, these metrics and variables are examined to see if a shorter timeline may be developed or a longer timeline avoided.
In a project, the assumptions for each of the actions vary. This has an impact on activity durations too. Assumptions are used in What-If Scenario Analysis to examine the scheduling outcomes as well.
Most effective technique
Monte-Carlo analysis is one of the most effective What-If Scenario Analysis approaches, as seen in the PMP project management course.
The Monte-Carlo analysis is a method of simulating the result of a project using three-point estimations and computer software. It will be hard to perform this study manually due to the numerous aspects and characteristics that might affect a project. As a result, parameters and variables are entered into a computer program, which then simulates various scenarios which is of course far more accurate and can deal with much more data than a human could.
The Simulation shows four things when inputs are submitted to the Monte-Carlo analysis program:
The probability of finishing the project on a certain date
A good example of this is when the simulation may show that you have an 80% chance of finishing the project on June 15th, a 90% chance of finishing the project on June 15th, and a 95% chance of finishing the project on July 15th. The later the deadline, the more likely it is that the job will be completed on time.
The probability of finishing the project at a certain cost
A good example of this is when the simulation may show that you have an 80% chance of finishing the project on a 2-million-dollar budget, a 92% percent chance of finishing the project on a 2.2-million-dollar budget, and so on.
The probability of any action being on the crucial path
This is also taken from the concept of What-If Scenario Analysis.
The overall project risk
Multiple pathways are converted into one or more activities using the Monte-Carlo analysis. This increases the project’s risk. Because of the nature of the analytic approach, this is the case.
Now you know the most effective What-If Scenario Analysis, as well as gone through the What-If Scenario Analysis Schedule Network analysis technique. To get a full understanding how to organize and set up these systems, we recommend signing up to an online PMP Course which will go into depth on this along with many other Project Management related issues.