Test your knowledge. Few people can get all these 10 questions about project schedule risk analysis right!

SRA (Schedule Risk Analysis) Knowledge Quiz

This is a short 10-Question Multiple Choice Quiz. You are encouraged to have fun with this. These will be periodically updated over time. Enjoy!

Question Title

* 1. What is the primary pre-requisite for determining overall project schedule risk?

Deciding on the PDP (Product Development Process) to use

A valid IMS (Integrated Master Schedule) and detailed analysis of the individual task/activity schedule risks

The baseline IMS (Integrated Master Schedule)

A coin to flip

Question Title

* 2. What is NOT one of the typical tools and techniques used for establishing the overall project schedule risk prior to project Kick-Off?

SRA (Schedule Risk Analysis) using Monte Carlo simulation tools

Flat out guessing by the PM (Project Manager) and/or Team members

EVM (Earned Value Management) SPI (Schedule Performance Index) metric

Interviewing and Expert Judgment

Question Title

* 3. When using a Triangular probability distribution function to define the range of potential task completion durations, what simple formula can be used to quantify that task’s schedule risk/Threat?

There is no simple formula to use

The Worst-Case duration minus the Best-Case duration

The Nominal (single-point estimate) duration minus the Best-Case duration

The Worst-Case duration minus the Nominal (single-point estimate) duration

Question Title

* 4. When performing an SRA (Schedule Risk Analysis) using a Monte Carlo Simulation tool, what statement is NOT true regarding the Cumulative Probability Curve data points associated with a schedule milestone?

That they represent the probability of completing that milestone by any chosen calendar date

The percentage of risk in meeting that milestone date or a date sooner (calculated by subtracting that percentage from 100%)

The probability that the milestone will be completed by that specific date

The percentage of times that milestone is expected to be completed by that date or a date later

Question Title

* 5. Which statement is NOT correct regarding performing an SRA (Schedule Risk Analysis) using a Monte Carlo simulation tool?

All these tools check to determine that the IMS (Integrated Master Schedule) is valid before running the simulation

They typically take more time to process based on the number of “Iterations” selected

These simulations typically use “Random Number Generators” that assign different task durations for each task, based on their Probability Distribution Functions

A typical Monte Carlo simulation requires the user to select the number of schedule “Iterations” to simulate

Question Title

* 6. Which of the following IMS (Integrated Master Schedule) structural requirements must be met to ensure that the SRA (Schedule Risk Analysis) is indeed valid?

“% Complete” is only assignable to tasks when all predecessors are 100% completed

All of the choices listed

All tasks must start As Soon As Possible

Only one “Work-days calendar” can be used for all tasks

Every task must have at least one Successor from its Finish Milestone

Question Title

* 7. What critical information is provided by an SRA (Schedule Risk Analysis) “Tornado Chart”?

The results of merging multiple task outputs into a single task Start milestone

The prioritized listing of IMS tasks having the greatest risk and opportunities

The schedule items with the longest durations

The group of tasks that are spiraling out of control

Question Title

* 8. If a probability distribution function (that represents the range of potential task durations) conforms to the shape of a “Right Triangle”, where the Nominal (single-point) duration estimate is equal to the Worst-Case duration estimate, what conclusion can be made about the estimator?

He or she is being overly aggressive in his or her estimates

He or she is doing what is desired

He or she is likely a “Sand-bagger”, someone who is ultra-conservative in their estimates

He or she is a risk-taker

Question Title

* 9. Which of the following tasks is NOT typically considered a “risky task”?

Design activities

Testing (i.e., requirements validation, qualification, quality, etc.)

Out-Sourced Activities (i.e., critical subsystems, test facilities, etc.)

Preparing for a Periodic Review

Question Title

* 10. When a Schedule Risk Analysis (SRA) output shows that the % Confidence of meeting the Critical Path end-date is 50%, what can we conclude?

There is more schedule Opportunity than Risk

The project’s “Target” Critical Path schedule is very aggressive and is not likely to be met

There is more schedule Risk than Opportunity

The schedule has just as much Opportunity as Risk