The growing use of Cost Risk Assessment models in public projects has raised some public concerns about its costs and the models ability to reduce cost overruns and correctly predict the projects final cost. We have in this article shown that the models are neither reliable nor valid, by calculating the probabilities of the projects final costs.
Based on these findings it is pertinent to ask what went wrong in the implementation of QA2. The idea is sound, but the result is somewhat disappointing.
The objectives of the project scheduling are to determine the earliest start and finish of each task in the project.
The aim is to be able to complete the project as early as possible and to calculate the likelihood that the project will be completed within a certain time frame.
Multiple sources of risk are a fact of life. Only rarely will decisions concerning various risks be neatly separable. Intuitively, even when risks are statistically independent, bearing one risk should make an agent less willing to bear another.