Event Chain Methodology
Definition: Event Chain Methodology is a technique to analyse the uncertainty in project planning. It consists of identifying and managing unforeseen events and their interrelationships as well as how they affect project planning.
ECM can be seen as an extension of quantitative project risk analysis. ECM can make use of Monte Carlo Simulation to predict the occurrence of events that can impact the progress or completion of a project. Managers will use past experiences as inputs to determine the likelihood of risk events, which will prepare them in setting plans to prepare for such risks and either avoid, mitigate or accept them during the project.
More on risk management: Behavioral Risk Management, Credit Risk Management, Operational Risk Management, Risk Appetite, Risk Management.
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