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QSRA - how often would be the best?

6 replies [Last post]
Matthew Leung
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Joined: 27 Mar 2017
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Hi everyone,

just wonder how often should QSRA be carried out? Are there any guideline/ reference book saying like 6 months cycle would be more appropriate? 

Thanks a lot. 

Replies

Santosh Bhat
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Joined: 15 Apr 2005
Posts: 374

Matthew, the correct answer is either

  • as required, or
  • Any significant change in the scope or risk profile, that requires changes to cost and schedule estimates.

In practice, QSRA's are likely done on a semi-regular basis, perhaps every 6 or three months. Given that most projects have a reporting cycle of monthly, there is no reason why the QSRA can't be run at a minimum of monthly also, and perhaps only a major review of the risk inputs to occur every three months.

Ultimately, it boils down to the organisation or management's approach ranging from proactively wanting to understand the impact of risks regularly, to just ticking a requirements box..

Does it mean that for six months you do not identify what happens with project risks, do not estimate what happens with your contingency reserves and probabilities to meet project targets?

Jerome Odeh
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Joined: 19 Jan 2004
Posts: 94

Hi Matthew,

Every 6 months is a common frequency and it looks like a good time interval to assess cumulative schedule changes. 

Most organisaitons have defined time intervals for QSRA and they are usually aligned to budget estimate review and/or when determinstic completion date is no longer realistic.

 

=Jerome

We look what happens with the probabilities to meet project targets, what happens with our contingency reserves.

Risk profile can be the same but some activities can be delayed, resource availability can change and we estimate if correction actions are required.

Besides, risk identification is ongoing, new risks can be discovered and probabilities of old risks can change.

Based on success probability trends we estimate and analyze project performance.

Matthew Leung
User offline. Last seen 1 day 14 hours ago. Offline
Joined: 27 Mar 2017
Posts: 8
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Thanks for your advice. But would the risk profile change so much within a week? 

We do it weekly and analyze trends.