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Integrated Cost-Schedule Risk Analysis

Integrated Cost-Schedule Risk Analysis PDF Author: David Hulett
Publisher: CRC Press
ISBN: 1317115295
Category : Business & Economics
Languages : en
Pages : 220

Book Description
Project managers tend to believe their cost estimates - whether they have exceeded budgets in the past or not. It is dangerous to accept the engineering cost estimates, which are often optimistic or unrealistic. Though cost estimates incorporate contingency reserves below-the-line, these estimates of reserves often do not benefit from a rigorous assessment of risk to project costs. Risks to cost come from multiple sources including uncertain project duration, which is often ignored in cost risk analyses. In short, experience shows that cost estimating on projects is rarely successful - cost overruns routinely occur. There are effective ways to estimate the impact on the cost of complex projects from project risks of all types, including traditional cost-type risks and the indirect but often substantial impact from risks usually thought of as affecting project schedules. Integrated cost-schedule risk anlaysis helps us determine how likely the project will go over budget with the current plan, how much contingency reserve is required to achieve a desired level of certainty, and which risks are most important so the project manager can mitigate them and achieve a better result. Integrated Cost-Schedule Risk Analysis provides solutions for these and other challenges. This book follows on from David Hulett's highly-praised Practical Schedule Risk Analysis. It focuses on the way that schedule risk can generate cost risk, and how to handle this relationship. It also applies the Risk Driver Method to the analysis so that you can clearly and transparently identify the key risks, rather than just the most risky cost line items. With detailed worked examples and over 70 illustrations, Integrated Cost-Schedule Risk Analysis offers the definitive guide to this critically important aspect of project management from surely the world's leading commentator.

Integrated Cost-Schedule Risk Analysis

Integrated Cost-Schedule Risk Analysis PDF Author: David Hulett
Publisher: CRC Press
ISBN: 1317115295
Category : Business & Economics
Languages : en
Pages : 220

Book Description
Project managers tend to believe their cost estimates - whether they have exceeded budgets in the past or not. It is dangerous to accept the engineering cost estimates, which are often optimistic or unrealistic. Though cost estimates incorporate contingency reserves below-the-line, these estimates of reserves often do not benefit from a rigorous assessment of risk to project costs. Risks to cost come from multiple sources including uncertain project duration, which is often ignored in cost risk analyses. In short, experience shows that cost estimating on projects is rarely successful - cost overruns routinely occur. There are effective ways to estimate the impact on the cost of complex projects from project risks of all types, including traditional cost-type risks and the indirect but often substantial impact from risks usually thought of as affecting project schedules. Integrated cost-schedule risk anlaysis helps us determine how likely the project will go over budget with the current plan, how much contingency reserve is required to achieve a desired level of certainty, and which risks are most important so the project manager can mitigate them and achieve a better result. Integrated Cost-Schedule Risk Analysis provides solutions for these and other challenges. This book follows on from David Hulett's highly-praised Practical Schedule Risk Analysis. It focuses on the way that schedule risk can generate cost risk, and how to handle this relationship. It also applies the Risk Driver Method to the analysis so that you can clearly and transparently identify the key risks, rather than just the most risky cost line items. With detailed worked examples and over 70 illustrations, Integrated Cost-Schedule Risk Analysis offers the definitive guide to this critically important aspect of project management from surely the world's leading commentator.

Practical Schedule Risk Analysis and Integrated Cost-Schedule Risk Analysis

Practical Schedule Risk Analysis and Integrated Cost-Schedule Risk Analysis PDF Author: David Hulett
Publisher: Gower Publishing Company
ISBN: 9781409437673
Category : Business & Economics
Languages : en
Pages : 480

Book Description
This two volume collection of David Hulett's Practical Schedule Risk Analysis and Integrated Cost-Schedule Risk Analysis provides a rigorous and detailed guide for the project risk specialist to two of the three key elements of the project triangle: time and cost. With detailed worked examples and copious illustrations, this two-volume set offers the definitive guide to these critically important aspects of project management from surely the world's leading commentator.

Integrated Cost-Schedule Risk Analysis

Integrated Cost-Schedule Risk Analysis PDF Author: David Hulett
Publisher: CRC Press
ISBN: 1317115309
Category : Business & Economics
Languages : en
Pages : 240

Book Description
Project managers tend to believe their cost estimates - whether they have exceeded budgets in the past or not. It is dangerous to accept the engineering cost estimates, which are often optimistic or unrealistic. Though cost estimates incorporate contingency reserves below-the-line, these estimates of reserves often do not benefit from a rigorous assessment of risk to project costs. Risks to cost come from multiple sources including uncertain project duration, which is often ignored in cost risk analyses. In short, experience shows that cost estimating on projects is rarely successful - cost overruns routinely occur. There are effective ways to estimate the impact on the cost of complex projects from project risks of all types, including traditional cost-type risks and the indirect but often substantial impact from risks usually thought of as affecting project schedules. Integrated cost-schedule risk anlaysis helps us determine how likely the project will go over budget with the current plan, how much contingency reserve is required to achieve a desired level of certainty, and which risks are most important so the project manager can mitigate them and achieve a better result. Integrated Cost-Schedule Risk Analysis provides solutions for these and other challenges. This book follows on from David Hulett's highly-praised Practical Schedule Risk Analysis. It focuses on the way that schedule risk can generate cost risk, and how to handle this relationship. It also applies the Risk Driver Method to the analysis so that you can clearly and transparently identify the key risks, rather than just the most risky cost line items. With detailed worked examples and over 70 illustrations, Integrated Cost-Schedule Risk Analysis offers the definitive guide to this critically important aspect of project management from surely the world's leading commentator.

Project Risk Analysis and Management Guide

Project Risk Analysis and Management Guide PDF Author: John Bartlett
Publisher: APM Publishing Limited
ISBN: 9781903494127
Category : Project management
Languages : en
Pages : 186

Book Description
The second edition of the Project Risk Analysis and Management Guide maintains the flavour of the original and the qualities that made the first edition so successful. The new edition includes: The latest practices and approaches to risk management in projects; Coverage of project risk in its broadest sense, as well as individual risk events; The use of risk management to address opportunities (uncertain events with a positive effect on the project's objectives); A comprehensive description of the tools and techniques required; New material on the human factors, organisational issues and the requirements of corporate governance; New chapters on the benefits and also behavioural issues

Risk Management for Design and Construction

Risk Management for Design and Construction PDF Author: Ovidiu Cretu
Publisher: John Wiley & Sons
ISBN: 047063538X
Category : Technology & Engineering
Languages : en
Pages : 288

Book Description
The essential risk assessment guide for civil engineering, design, and construction Risk management allows construction professionals to identify the risks inherent in all projects, and to provide the tools for evaluating the probabilities and impacts to minimize the risk potential. This book introduces risk as a central pillar of project management and shows how a project manager can be prepared for dealing with uncertainty. Written by experts in the field, Risk Management for Design and Construction uses clear, straightforward terminology to demystify the concepts of project uncertainty and risk. Highlights include: Integrated cost and schedule risk analysis An introduction to a ready-to-use system of analyzing a project's risks and tools to proactively manage risks A methodology that was developed and used by the Washington State Department of Transportation Case studies and examples on the proper application of principles Information about combining value analysis with risk analysis "This book is a must for professionals who are seeking to move towards a proactive risk-centric management style. It is a valuable resource for students who are discovering the intricacies of uncertainties and risks within value estimation. For professionals, the book advocates for identifying and analyzing 'only' risks whose impact are of consequence to a project's performance." —JOHN MILTON, PHD, PE Director of Enterprise Risk Management, Washington State Department of Transportation

Project Risk Analysis Made Ridiculously Simple

Project Risk Analysis Made Ridiculously Simple PDF Author: Virine Lev
Publisher: Imperial College Press
ISBN: 9814759392
Category : Business & Economics
Languages : en
Pages : 284

Book Description
Project management is the art of analyzing and managing risks. Without risk, there is little need for project management. Project Risk Analysis Made Ridiculously Simple offers a step-by-step guide on how to perform project risk analysis and risk management for a wide range of readers: students, project schedulers not exposed to project risk analysis before, and to project risk experts. With this book, you will learn how to: Identify and manage risks over the course of a projectPerform qualitative and quantitative risk analysisPerform project risk analysis using Monte Carlo simulationsUse event chain methodology to improve project risk analysisPerform risk analysis of project portfolios. Easily recognizable real-life stories and projects provide a compelling narrative while imparting valuable information on both the theory and practice of project risk management. You will not only understand why project risk management is important to the success of their projects, but you will also know how it can be implemented in your organization and the appropriate tools to use.

GAO Cost Estimating and Assessment Guide

GAO Cost Estimating and Assessment Guide PDF Author: Barry Leonard
Publisher: DIANE Publishing
ISBN: 143791702X
Category :
Languages : en
Pages : 438

Book Description
To use public funds effectively, the gov¿t. must meet the demands of today's changing world by employing effective mgmt. practices and processes, including the measurement of gov¿t. program performance. Legislators, gov¿t. officials, and the public want to know whether gov¿t. programs are achieving their goals and what their costs are. To make those evaluations, reliable cost information is required and fed. standards have been issued for the cost accounting that is needed to prepare that information. This Cost Guide has been developed in order to establish a consistent methodology that is based on best practices and that can be used across the fed. gov¿t. for developing, managing, and evaluating capital program cost estimates. Illustrations.

Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management

Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management PDF Author: Raydugin, Yuri
Publisher: IGI Global
ISBN: 152251791X
Category : Business & Economics
Languages : en
Pages : 504

Book Description
The proper understanding and managing of project risks and uncertainties is crucial to any organization. It is of paramount importance at all phases of project development and execution to avoid poor project results from meager economics, overspending, reputation and environmental damage, and even loss of life. The Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management is a comprehensive reference source for emerging perspectives of managing risks associated with the execution and development of projects. Highlighting innovative coverage written by top industry specialists, such as complexity theory, psychological bias and risk management fallacies, probabilistic risk analysis, and various aspects of project decision making, this book is ideally designed for project and risk managers, project engineers, cost estimators, schedulers, safety and environmental protection specialists, corporate planners, financial and insurance specialists, corporate decision makers, as well as academics and lecturers working in the area of project management and students pursing PMP, PMI-RMP, ISO 31000, etc. certification.

Modern Risk Quantification in Complex Projects

Modern Risk Quantification in Complex Projects PDF Author: Yuri G. Raydugin
Publisher: Oxford University Press
ISBN: 0192582658
Category : Mathematics
Languages : en
Pages : 275

Book Description
Project practitioners and decision makers complain that both parametric and Monte Carlo methods fail to produce accurate project duration and cost contingencies in majority of cases. Apparently, the referred methods have unacceptably high systematic errors as they miss out critically important components of project risk exposure. In the case of complex projects overlooked are the components associated with structural and delivery complexity. Modern Risk Quantification in Complex Projects: Non-linear Monte Carlo and System Dynamics Methodologies zeroes in on most crucial but systematically overlooked characteristics of complex projects. Any mismatches between two fundamental interacting subsystems - a project structure subsystem and a project delivery subsystem - result in non-linear interactions of project risks. Three kinds of the interactions are distinguished - internal risk amplifications stemming from long-term ('chronic') project system issues, knock-on interactions, and risk compounding. Affinities of interacting risks compose dynamic risk patterns supported by a project system. A methodology to factor the patterns into Monte Carlo modelling referred to as non-linear Monte Carlo schedule and cost risk analysis (N-SCRA) is developed and demonstrated. It is capable to forecast project outcomes with high accuracy even in the case of most complex and difficult projects including notorious projects-outliers: it has a much lower systematic error. The power of project system dynamics is uncovered. It can be adopted as an accurate risk quantification methodology in complex projects. Results produced by the system dynamics and the non-linear Monte Carlo methodologies are well-aligned. All built Monte Carlo and system dynamics models are available on the book's companion website.

Project Health Assessment

Project Health Assessment PDF Author: Paul S. Royer, PMP
Publisher: CRC Press
ISBN: 1482252821
Category : Business & Economics
Languages : en
Pages : 382

Book Description
Project managers, sponsors, team members, and involved stakeholders know when things aren’t going well. A frequent first indication is a missing or errant process. Project Health Assessment presents an innovative approach for assessing project processes through a set of ten critical success factors based on PMI’s PMBOK® Guide knowledge areas. The findings from such assessments can help project managers reduce project risk, improve stakeholder satisfaction, and increase the likelihood of project success, as demonstrated by 30+ assessments done over 15 years of putting this approach into practice. Project Health Assessment breaks down each PMBOK® Guide knowledge area into its process steps, inputs, and outputs and then creates critical success factor questions that evaluate its effectiveness and potential risk. These questions can be used by project managers to establish sufficient project processes or by external entities to evaluate a project and assess its overall risk The book illustrates critical success factor points through numerous case studies, including a step-by-step example of how to conduct a project health assessment from engagement acquisition through startup, initial assessment, and periodic follow-up assessments. The book provides several downloadable document, spreadsheet, and scheduling templates that practitioners can customize and use in their projects. Using these tools, you can avoid or minimize the cost of failed projects to your organization.