Level: Intermediate
TCM Section(s)
7.1. Project Scope and Execution Strategy Development
Venue: 2024 AACE International Conference & Expo
Abstract: The identification of schedule reserve has emerged as an effective approach to acknowledge and manage unforeseen events during project development and execution. Schedule reserve is the practice of allocating extra time within a project schedule to accommodate unexpected delays, risks, and uncertainties. Moreover, the practice of incorporating schedule reserves facilitates the proactive assessment of resources, processes, and technological factors. This focused pre-examination of a project fosters an environment conducive to achieving successful project outcomes. Although the significance of schedule reserve is acknowledged, creating a strategy that leverages time reserve while aligning with other project aspects proves to be a complex task.
This paper is based on an owner project team approach and the value it brings to the owner organization’s senior management and business leaders. Drawing upon an extensive multi-industry discourse, this paper explores methodologies for seamlessly integrating and visually representing contingency measures. This study further delves into insights on mitigating unintended added cost associated with contingency development, preventing complacency-driven cultural implications, and circumventing redundant planning endeavors within the framework of implementing and communicating schedule reserve. The primary objective of this study is to enhance the comprehension and assimilation of contingency durations and events, as derived from statistical risk studies, into project schedules. The implementation of these techniques and methodologies have potential to enhance the overall efficacy of project execution and foster more successful project outcomes.
TCM Section(s)
7.1. Project Scope and Execution Strategy Development
Venue: 2024 AACE International Conference & Expo
Abstract: The identification of schedule reserve has emerged as an effective approach to acknowledge and manage unforeseen events during project development and execution. Schedule reserve is the practice of allocating extra time within a project schedule to accommodate unexpected delays, risks, and uncertainties. Moreover, the practice of incorporating schedule reserves facilitates the proactive assessment of resources, processes, and technological factors. This focused pre-examination of a project fosters an environment conducive to achieving successful project outcomes. Although the significance of schedule reserve is acknowledged, creating a strategy that leverages time reserve while aligning with other project aspects proves to be a complex task.
This paper is based on an owner project team approach and the value it brings to the owner organization’s senior management and business leaders. Drawing upon an extensive multi-industry discourse, this paper explores methodologies for seamlessly integrating and visually representing contingency measures. This study further delves into insights on mitigating unintended added cost associated with contingency development, preventing complacency-driven cultural implications, and circumventing redundant planning endeavors within the framework of implementing and communicating schedule reserve. The primary objective of this study is to enhance the comprehension and assimilation of contingency durations and events, as derived from statistical risk studies, into project schedules. The implementation of these techniques and methodologies have potential to enhance the overall efficacy of project execution and foster more successful project outcomes.