Fostering Project Scheduling and Controlling Risk Management

Abstract

Deployment of emerging technologies and rapid change in industries has created a lot of risk for initiating the new projects. Many techniques and suggestions have been introduced but still lack the gap from various prospective. This paper proposes a reliable project scheduling approach. The objectives of project scheduling approach are to focus on critical chain schedule and risk management. Several risks and reservations exist in projects. These critical reservations may not only foil the projects to be finished within time limit and budget, but also degrades the quality, and operational process. In the proposed approach, the potential risks of project are critically analyzed. To overcome these potential risks, fuzzy failure mode and effect analysis (FMEA) is introduced. In addition, several affects of each risk against each activity are evaluated. We use Monte Carlo simulation that helps to calculate the total time of project. Our approach helps to control risk mitigation that is determined using event tree analysis and fault tree analysis. We also implement distribute critical chain schedule for reliable scheduling that makes the project to be implemented within defined plan and schedule. Finally, adaptive procedure with density (APD) is deployed to get reasonable feeding buffer time and project buffer time.