What process allows a project manager to vary one or more elements in a model to measure the effect on other elements?

What-if analysis is a process used to explore the outcomes of varying certain elements within a model to understand how those changes affect other elements. This technique is particularly useful in project management and decision-making, as it allows project managers to test different scenarios and assess potential risks, benefits, and outcomes based on varying inputs.

For example, a project manager might alter the resource allocation, timeline, or cost estimates in a project model to see how these changes impact overall project performance, risk levels, or profitability. This kind of analysis is instrumental in shaping strategies and making informed decisions in uncertain situations, leading to more effective project planning and execution.

While other approaches like qualitative analysis focus more on subjective assessments, scenario planning centers on creating specific scenarios to prepare for future events, and cost-benefit analysis quantifies the overall benefits versus costs of a choice, what-if analysis stands out by allowing the exploration of multiple variable changes and their impacts within a single framework. Thus, what-if analysis serves as a critical tool for project managers seeking to navigate complexities and optimize outcomes through iterative testing of assumptions and variables in their project models.