1. Assess risks and create optimistic, pessimistic and expected estimations of activity duration and volumes, resource productivity and quantity, activity and resource cost, calendars, etc. Estimates are usually based not only on expert judgments but also on regulatory or corporate norms.

2. Create and calculate optimistic, most probable, and pessimistic resource and cost constrained project schedules.

3. Calculate project and each phase desired finish dates and costs (with the desired probability of successful execution).

4. Negotiate and define target finish dates and costs.

5. Calculate target schedule with the most probable activity duration but target finish dates (backward resource constrained schedule).

6. Determine time and cost buffers, and probabilities of meeting target parameters.

7. Use the optimistic schedule as a plan for the employees. Using optimistic estimates, we increase our chances to obtain the reports on any deviations from the proper activity execution. This information is necessary for quality and risk analysis.

8. Control risks and regularly recalculate project schedules and necessary time buffers and success probabilities. Success probability trends show if corrective actions are necessary.