As discussed in the previous chapter, within the world of project management, there are essentially two major sources of risks: schedule risk and cost risk. In other words, will the project be on time and under budget, or will there be a schedule crash and budget overrun, and, if so, how bad can they be? To illustrate how quantitative risk management can be applied to project management, we use ROV PEAT to model these two sources of risks. The following examples and illustrations assume that the reader has the PEAT software installed (the installation instructions are provided at the end of this book).

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