How does a probabilistic schedule differ from a deterministic schedule?

A probabilistic schedule is specifically designed to account for uncertainty in project durations, which is why it incorporates variable durations to model risk. This approach allows project managers to better understand how potential risks and uncertainties can affect the overall timeline of a project. By applying techniques such as Monte Carlo simulations, a probabilistic schedule generates a range of possible completion dates based on various scenarios and risks, rather than relying on fixed durations that don’t reflect the realities of project management.

In contrast, a deterministic schedule assumes a set timeframe for all tasks, using fixed durations that do not account for variability. This can lead to a false sense of certainty regarding the completion of tasks, as it ignores the unpredictable nature of project execution.

The other options are not aligned with the characteristics of a probabilistic schedule. While it certainly does not focus solely on cost overruns, as indicated in one of the distractors, the central tenet of probabilistic scheduling is its ability to incorporate variability, which enhances risk management in project planning.