Implementation of event chain methodology

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RodHersnam
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Joined: Mon Jul 09, 2007 6:54 am

Implementation of event chain methodology

Post by RodHersnam » Sun Jul 15, 2007 4:40 pm

We like RiskyProject interface, but even using RiskyProject is hard to define all possible possible events, states of the activities, group of activities, resources, lags, and calendars including subscription to different events. For most real-life project, this constitutes a very significant amount of information. Do you have any siggestions how to deal with this issue?
Construction Engineer, PMP

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Post by Intaver Support » Sun Jul 15, 2007 4:43 pm

Below are some simplification techniques, which can be used for defining events and subscriptions:
1. The easiest way to define events is the event breakdown structure or hierarchical system of events. The term event breakdown is used here instead of risk breakdown structure to incorporate notion of events with positive impact (opportunities). The main advantage of an event breakdown structure is that properties of the events assigned at the higher level will be automatically propagated to the lower level of the hierarchy.
2. Event templates are event breakdown structures most commonly used for particular types of project and organizations are useful tool to simplify defining events. Such event templates may include some rare, but serious and sometimes catastrophic events that may affect project schedule. Defining such events for each new project is a tedious process, which can potentially cause a large number of omissions. The simplest way to define a local event is to assign a predefined event from the event template to particular activities, resources, and calendars.
3. Events should be defined at the highest level of the work breakdown structure as possible as events assigned to summary activities will be propagated to each activity in the group unless otherwise specified.
4. After events are assigned to activities, state tables (see table 2) can be defined. In many cases all event properties in the ground state and all excited states will be the same. In other words, all states are subscribed to the same events. In this case, state tables will have only one row. A positive answer to the question: “Can something new happen after a certain event occurs?” indicates that multiple rows in the state table are required.
5. Impact alternatives is a way to define the different impact for a particular event on an activity. For example, the event “Quality issue with the component” may cause a 10 day delay with 20% probability, a 20 day delay with 10% probability, and the restart of an activity with 20% probability. Impact alternatives cannot occur at the same time.
6. Event register is a useful tool to manage events. In essence, the event register is the database, which includes all information about opportunities. Event registers are especially useful when the same events affect multiple project types. For example, through the mechanism of the event register, changes in probability of event can be reflected in all activities and all projects to which this event is assigned.
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Monte Carlo
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Location: USA

Post by Monte Carlo » Sun Jul 15, 2007 4:47 pm

Here is my advice: not to try to define all potential risks. I use rule of five: not more than 5 most important risks for each tasks and global risks, when I work with RiskyProject. You cannot manage all possible risks anyway.
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Arelly
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Joined: Tue Dec 04, 2007 7:13 pm
Location: Malaysia

Post by Arelly » Fri Feb 13, 2009 7:59 pm

We implemented Event chain methodology in our organization with Intaver Institute's help. It was a part of our risk management process improvement initiative. We are construction contractors, specializing in commercial structures. I would say that Event Chain methodology provide us with major competitor advantage. Since we know how risks affect the schedule and cost we can prepare bid with a confidence. We usually define all project risks and relationship between them. Then we define project schedule and perform analysis using RiskyProject. Then we track what actually happen using also RiskyProject.

Let me know if you need to know more about our experience with Event chain methodology.

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Post by Intaver Support » Mon Mar 09, 2009 8:07 pm

RiskyProject 3 has new features directly related to Event Chain Methodology:

1. Event chain diagrams, which present threats and opportunities with their probabilities and impact.
2. None-schedule risks: safety, environment, technology, quality, etc.
3. Ability to rank all risks (schedule and non-schedule), regardless of their category and impact.

For more information about RiskyProject 3 implementation of Event Chain Methodology please visit:
http://www.intaver.com/riskyproject_presentations.html

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Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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