Schedule risk in construction is the potential for a project to take longer than planned. It is an important aspect of risk management that should be considered when executing a capital project. Factors such as overly simple or complicated design, crashing the schedule, fast-tracking, assigning the wrong resources, making sequence mistakes and failure to baseline can all lead to schedule risks.
In order to effectively manage schedule risk, it is important to create a Critical Path Method (CPM) schedule and gather risk information such as optimistic and pessimistic durations and probability. Additionally, it is helpful to assess and manage schedule risks in the three main phases of construction projects: feasibility study, design and construction.