About Recommended Practice 132R-23:

This recommended practice (RP) of AACE International defines a structure of the practice maturity of schedule risk analysis (SRA) for an organization. This is a topic within quantitative risk analysis, a subsection in Section 7.6.2.2 Risk Assessment of the Total Cost Management Framework (TCM). Quantitative schedule risk analysis is often paired with quantitative cost risk analysis to provide a picture of the risk to two key project controls targets, time and cost that are causally related, since risks leading to longer activity durations in the schedule will cause higher time-dependent resources’ direct and indirect cost. One goal of these analysis approaches is to quantify the desired level of contingency of time and cost for a project. Another is to identify those risks that primarily cause the need for contingency for the purpose of managing (e.g., mitigating) them to achieve better project results. SRA addresses both of these objectives. Organizations may benefit from this practical RP by knowing how mature their current practices are and, by understanding the characteristics of each level, whether to improve their practice.

About AACE Recommended Practices:

The AACE International Recommended Practices (RPs) are a series of documents that contain valuable reference information that has been subject to a rigorous review process and recommended for use by the Technical Board. RPs are intended to be the main technical foundation of AACE educational, and certification products and services. All RPs are available to AACE members free of charge.

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