Risk Event Chains and Risk Mitigation
If a risk event or event chain occurs during the course of a project, it may require some mitigation effort. In some cases, mitigation plans can be generated. Mitigation plans are an activity or group of activities (small schedule) that augment the project schedule but only if the event occurs. The solution is to assign the mitigation plan to the event or event chain so that it will be triggered when the event chain occurs. The same mitigation plan can be used for different events. Each mitigation plan will have entry and exit points.
Figure 4: Mini-schedule triggered to mitigate a risk event
Resource Allocation Based on Events
One potential event is the reassignment of a resource from one activity to another that will occur under certain conditions. For example, if an activity requires more resources to complete it within a fixed period, this will trigger an event to reallocate the resource from another activity. Reallocation of resources can also occur when an activity duration reaches a certain deadline or the cost exceeds a certain value. Events can be used to model different situations with resources, e.g. temporary leave, illness, vacations, etc.