Project Quiz: Uncertainties and Risks

Project Quiz: Uncertainties and Risks

Project Results depend on activity and resource uncertainties and risk events. However, these project components also impact each other. Let’s demonstrate it by a Project Quiz.

A project has two streams: A->B and C->D, and will be completed when both streams are completed.

The project has activity uncertainties, resource uncertainty and one risk:

Activity uncertainties
The duration of each activity is estimated as a range:
A: 3-5 days
B: 6-8 days
C: 2-3 days
D: 10-11 days

Resource uncertainty
Activities A and C require the same skill, so two resources are needed to perform them in parallel. However, whether the second resource will be available is unclear.

The project has a risk associated with Activity D. Activity D will take one day longer if the risk materialises. There is an opportunity to fully mitigate the risk, but it requires additional expenses.

The goal is to complete the project as soon as possible with the fewest expenses.
Therefore, can you find:

a) Project duration (as a range)?
b) Should the risk be mitigated or not?

In the next posts, we will review and analyse answers.

Alex Lyaschenko

PMO | Portfolio Planning & Delivery | PMP | P3O Practitioner | AgilePM Practitioner | Six Sigma