Click Here to Sign Up! The course starts with learning the basics of risk management (RM) and dealing with uncertainty in investment and bid decisions and project control (i.e. the context.) Fundamentals such as terminology and statistics are covered. Attendees will then learn how to elicit information about risks and use it to perform integrated, probabilistic cost and schedule risk analysis for contingency, reserves and escalation in a step-by-step manner in accordance with the text (“Project Risk Quantification”) including exercises to reinforce the lessons. The content is consistent with AACEI Recommended Practices where applicable. Quantification at different project phases is covered, including capturing historical data to improve future risk analyses. In addition, the attendees will learn about landmark empirical research, example cases, tips and rules-of-thumb and watch-outs. Attendees will also be provided with practice guidelines, tools and templates to help put the practices into action at their workplace.
Click Here to Sign Up! When quantitative risk analysis is performed for project cost contingency in capital project world, discrete risks are often ignored as focuses are often on risky items with the "continuous distribution". Those independent, uncorrelated and rare-event driven risks, however, often than not are the culprits that throw the projects upside down. To compensate and to increase the probability of project success, the Management Reserve Fund hence is generated in addition to project contingency. How to properly capture the effects of those discrete risks and their impacts on projects' outcome, what methodology should be used to document and simulate these types of risks are the combination of arts and sciences. This set of presentation provides illustrations with real case studies to showcase the methods and techniques for this application.
Click Here to Sign Up! This presentation will discuss the need for an integrated approach between cost estimating and cost control, instead of treating them as isolated disciplines. Why this is important and what benefits can be held when using an integrated approach will be explained using practical examples. At the end of the presentation, it will be demonstrated how this integrated approach can be achieved with today’s technology.
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