Event chain methodology

Event chain diagram

Event chain methodology is a network analysis technique that is focused on identifying and managing events and relationships between them (event chains) that affect project schedules. It is an uncertainty modeling schedule technique. Event chain methodology is an extension of quantitative project risk analysis with Monte Carlo simulations. It is the next advance beyond critical path method and critical chain project management.[1] Event chain methodology tries to mitigate the effect of motivational and cognitive biases in estimating and scheduling.[2] It improves accuracy of risk assessment and helps to generate more realistic risk adjusted project schedules.[3]

  1. ^ Virine, Lev; Trumper, Michael (2007). Project Decisions: The Art and Science. Berrett-Koehler Publishers. ISBN 978-1567262179.
  2. ^ Robyn M. Dawes and Bernard Corrigan, ‘‘Linear Models in Decision Making’’ Psychological Bulletin 81, no. 2 (1974): 93–106.
  3. ^ Virine, Lev (2013). Integrated Qualitative and Quantitative Risk Analysis of Project Portfolios. In Proceedings of Enterprise Risk Management Symposium. April 22–23, 2013, Chicago, IL