Schedule risk analysis in offshore development project

Abstract

Every project has its own risks. One of the common risk during project execution is the risk associated with scheduling. The important issue facing project scheduling is the inability to incorporate uncertainty of activity duration into the schedule. Delays in completing continuous process industry projects such as oil and gas offshore development projects can cause millions of dollars of foregone income per day. The aim of this study is to investigate the implementation of schedule risk analysis in oil and gas offshore development projects. By performing schedule risk analysis, the uncertainty in activity duration as well as the implication to the project schedule can be mitigated. The methodologies adopted for this study include questionnaire survey, interview and case study. The finding of the study has identified the high risk factors that commonly contribute to the schedule delay. It is also determined that by conducting schedule risk analysis by using Pertmaster software, the schedule overrun for specific project can be predicted with some degree of accuracy which cannot be done in traditional CPM scheduling. It is hope that this study can be useful for the project team to prevent the risk occurrence by performing effective risk mitigation.