Abstract: Analyzing risk includes receiving input parameters describing a project. Schedule values for a schedule variable are established. The following are repeated for each schedule value to calculate cost-probability relationships relating a cost value of a cost variable with a probability value of a probability variable: a schedule value is selected, and a cost-probability relationship at the selected schedule value is calculated. A cost-probability-schedule relationship relating a cost value, a probability value, and a schedule value is determined from the calculated cost-probability relationships.