Cost vs. Schedule Risk

As a project manager for a new company you have just joined, you are concerned that previous projects have only emphasized cost risk when developing their budgets. You feel it is important to begin integrating schedule risk into all future project budgets.

• Write a paper with a minimum of 3-4 pages that explains the difference between cost and schedule risk and why it’s important to not focus just on cost risk but integrate both cost and schedule risk when developing project budgets and cost probability distributions.
• You are required to use APA 6th edition, 3-4 page length, and a minimum of 3 citations. Also, be sure to include the following:
  • Fully describe schedule risk and its relationship to overall cost.
  • Fully explain the difference between time-dependent and time-independent resources.
  • Provide examples of both cost and schedule risk and how they might affect an individual project activity individually.
  • Fully explain how integrating cost and schedule risk affect overall project costs.