Once a project or a turnaround team has developed a cost estimate, they are usually required to assign an accuracy range to the estimate and calculate the contingency. Some teams take a simplistic view that if the design package has been developed to a certain standard or class, then the accuracy range can be assigned according to common rules of thumb. However, this route can bypass the requirement to calculate contingency, and it looks at only the “systemic” uncertainty in the estimate, while ignoring any “project specific” uncertainty and risk. In addition, copious evidence over the past 30 years shows that, if left unguided, teams are generally over-optimistic and hence under-estimate the contingency required and assign too tight an accuracy range. If we look at the common methodologies used by teams, there are a number of common misconceptions and errors that contribute to this under-estimation.
Project Controls Expo, 18th Nov 2014 - "Schedule Risk Analysis for Complex Pr...Project Controls Expo
Schedule Risk Analysis is used on a wide range of projects as an established technique for identifying the uncertainties that threaten (or enhance) project success. However, applying the technique effectively to produce valid results on large and complex projects poses more of a challenge. This presentation summarises an approach to conducting schedule risk modelling for complex, long-term engineering projects, avoiding common pitfalls, and ensuring that outputs can be used to actively influence the project’s outcome.
Project Controls Expo, 18th Nov 2014 - "Schedule Risk Analysis for Complex Pr...Project Controls Expo
Schedule Risk Analysis is used on a wide range of projects as an established technique for identifying the uncertainties that threaten (or enhance) project success. However, applying the technique effectively to produce valid results on large and complex projects poses more of a challenge. This presentation summarises an approach to conducting schedule risk modelling for complex, long-term engineering projects, avoiding common pitfalls, and ensuring that outputs can be used to actively influence the project’s outcome.
In this presentation we look at approach of analyzing risks, we get into details of qualitative risk analysis and quantitative risk analysis. This presentation will help professionals who are preparing for PMP certification exam
Risk Management is a critical success factor for all project work.
Risk identification, quantitative and qualitative analysis, and risk response planning and execution is provided in this presentation
EFFECTS OF RISK MANAGEMENT METHODS ON PROJECT PERFORMANCE IN RWANDAN CONSTRUC...Sibo Kanyambari Aimable
Risks are very common in construction sector. Risk is the Possibility of suffering loss and the impact on the involved parties. According to APM (2006), all projects are inherently risky because they are unique, constrained, complex, based on assumptions, and performed by people. As a result, project risk management methods must be built into the management of projects and should be used throughout the project lifecycle.
Many construction projects fail because organizations assume that all the projects would succeed and they therefore do not identify, analyze, and provide mitigation or contingencies for the risk elements involved in the project.
Society desires that all projects should be performing and has become less tolerant of failure (Edwards and Bowen, 2005). Pressure is exerted on project managers to minimize the chance of project failure. This increasing pressure for performance which suggests that it is prudent for anyone involved in a project to be concerned about the associated risks and how they can be effectively managed.
Traditionally, performance of a project is analyzed on the criteria of quality, budget and time of completion. Two more criteria to determine the performance of a project were added by Kerzner (2001). Firstly, the project would effectively and efficiently manage risks and, secondly, it should be accepted by the customer.
It is known that the cause of the projects failure can be directly related to the extent of risk management methods undertaken. Besides, the level of risk management methods undertaken during project lifecycle impacts directly on the performance or otherwise of the project. Furthermore, using risk management methods effectively to manage risk should be continuously undertaken throughout the project lifecycle to enhance project performance. Risk management methods are thus an important tool to cope with such substantial risks in projects performance.
The main objective of the enquiry work that underpins this research is to investigate the effect of risk management methods on project performance. In this paper, a case study of RSSB multi-storey already executed project is considered.
Recently, Construction IQ conducted an online survey on construction project risk management. Some valuable statistics emerged from the results. Have a look at what your colleagues and peers in the industry had to say…
Project Controls Expo, 13th Nov 2013 - "Project Controls – The Human Factor" ...Project Controls Expo
About the Topic
o Translating the project controls textbook into practical and usable tools that make a difference to projects and win the hearts and minds of project managers.
In this presentation we look at approach of analyzing risks, we get into details of qualitative risk analysis and quantitative risk analysis. This presentation will help professionals who are preparing for PMP certification exam
Risk Management is a critical success factor for all project work.
Risk identification, quantitative and qualitative analysis, and risk response planning and execution is provided in this presentation
EFFECTS OF RISK MANAGEMENT METHODS ON PROJECT PERFORMANCE IN RWANDAN CONSTRUC...Sibo Kanyambari Aimable
Risks are very common in construction sector. Risk is the Possibility of suffering loss and the impact on the involved parties. According to APM (2006), all projects are inherently risky because they are unique, constrained, complex, based on assumptions, and performed by people. As a result, project risk management methods must be built into the management of projects and should be used throughout the project lifecycle.
Many construction projects fail because organizations assume that all the projects would succeed and they therefore do not identify, analyze, and provide mitigation or contingencies for the risk elements involved in the project.
Society desires that all projects should be performing and has become less tolerant of failure (Edwards and Bowen, 2005). Pressure is exerted on project managers to minimize the chance of project failure. This increasing pressure for performance which suggests that it is prudent for anyone involved in a project to be concerned about the associated risks and how they can be effectively managed.
Traditionally, performance of a project is analyzed on the criteria of quality, budget and time of completion. Two more criteria to determine the performance of a project were added by Kerzner (2001). Firstly, the project would effectively and efficiently manage risks and, secondly, it should be accepted by the customer.
It is known that the cause of the projects failure can be directly related to the extent of risk management methods undertaken. Besides, the level of risk management methods undertaken during project lifecycle impacts directly on the performance or otherwise of the project. Furthermore, using risk management methods effectively to manage risk should be continuously undertaken throughout the project lifecycle to enhance project performance. Risk management methods are thus an important tool to cope with such substantial risks in projects performance.
The main objective of the enquiry work that underpins this research is to investigate the effect of risk management methods on project performance. In this paper, a case study of RSSB multi-storey already executed project is considered.
Recently, Construction IQ conducted an online survey on construction project risk management. Some valuable statistics emerged from the results. Have a look at what your colleagues and peers in the industry had to say…
Project Controls Expo, 13th Nov 2013 - "Project Controls – The Human Factor" ...Project Controls Expo
About the Topic
o Translating the project controls textbook into practical and usable tools that make a difference to projects and win the hearts and minds of project managers.
Project Controls Expo, 18th Nov 2014 - "Progress | Position | Prediction The ...Project Controls Expo
Show me a project that is in delay and I’ll show you a project that is losing money”. It is a fact of life that most major projects are completed later than originally planned and struggle to make the returns, especially for the contractor, that were envisaged. The key to completing projects on time is planning, monitoring progress, deterring the project position and forecasting the completion. This allows informed decision making about what changes need to be made to bring a project back onto schedule. Various established methods of measuring progress and project position are presented along with a straight-forward way of predicting project completion that allows those unfamiliar with Earned Value techniques to make decisions about the extent of change required to bring a project in on time.
Project Controls Expo, 9/10 Nov, London UK - Introduction to Planning & Sched...Project Controls Expo
What is Planning...
- Making decisions with the objective of influencing the future:
- What tasks will be performed?
- How tasks will be performed?
- Who will perform the tasks?
Pilot plant design steps and engineering considerations. View how pilot plants go from concept to commissioning with the help of a professional engineering design and fabrication firm. To speak with an engineer about your pilot plant design project, call EPIC at 314-207-4250.
Project Controls Expo 09/10 Nov London 2011 - An introduction to project cont...Project Controls Expo
Control: Definition
A management function aimed at achieving defined goals within an established timetable, and usually understood to have three components:
1. Setting standards
2. Measuring actual performance
3. Taking corrective action
Businessdictionary.com
Control consists of verifying whether everything occurs in conformity with the plan adopted, the instructions issued, and principles established. Its object is to point out weaknesses and errors in order to rectify them and prevent recurrence
Henri Fayol –General and Industrial Management (1949)
Project Controls encompass the people, processes and tools used to plan, manage and mitigate cost and schedule issues and any risk events that may impact a project.
A PROJECT REPORT ON RISK ANALYSIS AND RISK MANAGEMENT IN INVESTING IN INSUR...Abhishek Raj
The project has been undertaken to know about different types of risk that can covered by insurance policies and how to analyse and mange those risks as there are various types of risk that a person can suffers in his life term.
The project talks about what are the various things that customer should consider before buying an insurance policy and various steps that need to consider before buying it.
Many projects experience failures that result in poor project delivery performance or process capacity/reliability degradations after commissioning
Many studies have shown that 60% to 95% of equipment life cycle costs (TLCC) are a result of decisions made (in CAPEX) prior to handover/start-up and transfer to owners (maintenance or operations) in OPEX
Wouldn’t it make common sense to manage the risk of CAPEX project failures in advance and address equipment life cycle decisions in (CAPEX) rather than after commission handover phase (OPEX)?
Shouldn't owners "invest" in project success "insurance" to help ensure that these multi-billion dollar projects are delivered as they were intended?
Using AI led assurance to deliver projects on time and on budget - D. Amratia...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Keynote 2 - The 20% of software engineering practices that contribute to 80% ...ESEM 2014
This presentation will challenge the application of metrics and other software engineering practices in commercial companies that do not have to comply with safety/ regulatory standards and thus can chose the SDLC approach that they feel more appropriate and cost effective for the intended purpose. Which are the practices that are really applied to make things happen under the tight constraints of time to market and profitability? A snapshot of the "hands-on" situation from the perspective of a large consulting company engaged with many customers in various markets and domains.
Bio: Gualtiero Bazzana is Chairman of ITA-STQB, Head of Marketing WG for ISTQB and Managing Director of Alten Italia. He has been working in the IT domain since 20 years with a long lasting experience in the areas of testing, process improvement, quality. He has authored 50+ papers at international conferences on such subjects
Cost Engineering Financing and Risk Management in Upstream Oil & Gas ProjectspetroEDGE
The two elements which consistently remain at the forefront of every project or an assignment are “Cost” and “Time”. The mechanics of capturing cost can be a challenging task. Project leaders are expected to provide a realistic, reliable and risks adjusted projection of a project’s performance.
This 3 day training course with in-built workshops is developed to assist you walk-through the engineering formulas and equations to become a “professional” in managing estimates, projections, risks, uncertainties and secure financing for high value, high risk projects for both On-shore and Offshore Oil & Gas industry segments.
Objectives
This course is developed for the participants to gain comprehensive understanding of the field of Cost Engineering and its impact on the project financing and risk management. The underlying objectives are:
Enhance familiarization with mechanics of cost engineering in developing Project Cost Models;
Gain understanding of diversity in cost modelling in context of Offshore and Onshore Oil & Gas projects;
Identify risks associated with cost estimates and costing elements, with an objective of minimizing the exposure;
Appreciate the correlation between cost and schedule, resulting in the delivery of contractual obligations; and
Develop competency to manage risks of costs and time overrun, by implementing appropriate cost control mechanism.
Expected Learning Outcomes
It is expected that the participants through coursework, lectures and sharing of experiences by hands-on workshop, would have learnt:
How to create cost management models with built-in, measurable, real-time progress monitoring transmitters;
Ability to fine-tune cost and schedule for mitigating contract risks;
Able to use various tools in getting the most optimum cost and schedule mix through simulations and iterations;
Capability to produce well supported propositions to arrange external financing and satisfying the requirements of Banks and Financial Institutions;
How to implement the cost control strategies and allow for variations and manage unscheduled events or geopolitical developments;
Good understanding of key aspects which provide differentiation between offshore and onshore projects, so as to modify the cost models accordingly; and
Good understanding of the underlying cost engineering concepts, principles and methodologies being adopted in Oil & Gas projects.
Cost Risk Analysis (CRA) by Pedram Daneshmand 19-Jan-2011Pedram Danesh-Mand
As a quantitative risk analysis tool, Cost Risk Analysis enables stakeholders to identify and quantify the project risks and opportunities and, through comparative analysis of possible scenarios, to develop project programmes and budgets with a more level of confidence.
A presentation by David Insley, made at the APM South Wales and West of England branch seminar 'Project Controls: A 1 day Seminar' on Wednesday, 2nd October 2013
PetroSync - Cost Engineering Risk Management-Earned Value ManagementPetroSync
Will cover the latest techniques and practical methodologies of project cost engineering and risk management to successfully manage project cost and risk, in order to maximize business ROI in the long run.
Adopting the Quadratic Mean Process to Quantify the Qualitative Risk Analysis...Ricardo Viana Vargas
This presentation summarizes the white paper which purpose is to propose a mathematical process to turn the results of a qualitative risk analysis into numeric indicators to support better decisions regarding risk response strategies.
Get the white paper at http://rvarg.as/quad
Project Collaboration on Infrastructure Megaprojects - Webinar, June 3, 2015Aconex
Parsons, one of the world’s largest construction and engineering companies, discuss best practices on how they structure decisions and processes on complex infrastructure projects.
Boston Consulting Group provide insight on how they assist some of the world’s largest JVs and PPPs.
See a demonstration of process management, including submittals, RFIs, commissioning and handover using Aconex.
National Grids Project Controls Journey – past, present and futureProject Controls Expo
National Grids Project Controls Journey – past, present and future By, Tim Fenemore - Head of Project Controls for National Grid, UK
Sanjay Lodhia - Head of Governance & Assurance for National Grid, UK
Tony Abiad - Head of Estimating & Cost for National Grid, UK
Balancing burdens of proof in dispute avoidance and resolution by "Ari Isaacs...Project Controls Expo
Balancing burdens of proof in dispute avoidance and resolution by "Ari Isaacs - Founder and CEO for ShapeDo, Israel" at Project Controls Expo 2017, Arsenal Stadium, London
Managing Changes on a Capital Programme by "Iain Cameron - Technical Director...Project Controls Expo
Managing Changes on a Capital Programme by "Iain Cameron - Technical Director for LogiKal Projects, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Managing the risk of change by "Simon White - Risk Management Consultant for ...Project Controls Expo
Managing the risk of change by "Simon White - Risk Management Consultant for Trigo White Ltd, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Economic Value Chains - costing the impact of risk by "Colin Sandall - Senior...Project Controls Expo
Economic Value Chains - costing the impact of risk by "Colin Sandall - Senior Consultant for QinetiQ, UK" & "Peter Tart - Senior Consultant for QinetiQ, UK at Project Controls Expo 2017, Arsenal Stadium, London
What makes a good plan, and how do you know you’ve got one? by "Paul Kidston ...Project Controls Expo
What makes a good plan, and how do you know you’ve got one? by "Paul Kidston - Director of Project Controls for Costain Group PLC, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Next Generation Planning for Mega Projects by "Dr. Dan Patterson - CEO and Fo...Project Controls Expo
Next Generation Planning for Mega Projects by "Dr. Dan Patterson - CEO and Founder for Basis PM, Texas, USA" at Project Controls Expo 2017, Arsenal Stadium, London
Governance: An Enabler? by " Ian Beaumont - Delivery Partner Programme Direc...Project Controls Expo
Governance: An Enabler? by " Ian Beaumont - Delivery Partner Programme Director for WSP, UK" & "Danny Vaughan - Head of Metrolink for TfGM, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Governance and the art of decision making on Crossrail by "Walter Macharg - H...Project Controls Expo
Governance and the art of decision making on Crossrail by "Walter Macharg - Head of Change Control and Cost Assurance for Crossrail, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Adding Value through the Lower Thames Crossing project by "Iain Minns - Partn...Project Controls Expo
Adding Value through the Lower Thames Crossing project by "Iain Minns - Partner, UK Head of Programme & Project Controls for Arcadis, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Governance and Assurance for Nationally Significant Infrastructure Projects b...Project Controls Expo
Governance and Assurance for Nationally Significant Infrastructure Projects by "Terri Harrington"- Sponsorship Director - Complex Infrastructure Programme (CIP) for Highways England, UK at Project Controls Expo 2017, Arsenal Stadium, London
A review of whether interdependency exists in effective Project Control Metho...Project Controls Expo
A review of whether interdependency exists in effective Project Control Methods and project performance by "Michael Halliday" Director for HKA, UK at Project Controls Expo 2017, Arsenal Stadium, London
A Source of Project Cost Integration by "David Hurren - Technical Director fo...Project Controls Expo
A Source of Project Cost Integration by "David Hurren - Technical Director for RPCuk, UK Marie Trembacki - Associate Director for Faithful+Gould, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Programmatic Controls Approach to; Fast track Disaster Recovery by "Saurabh B...Project Controls Expo
Programmatic Controls Approach to; Fast track Disaster Recovery by "Saurabh Bhandari - Technical Principal - Project & Programme Controls for Mott MacDonald, UK" at Project Controls Expo 2017, Arsenal Stadium, London
Enterprise Scheduling and Risk Management at Los Angeles Metro by "Julie Owen...Project Controls Expo
Enterprise Scheduling and Risk Management at Los Angeles Metro by "Julie Owen - DEO Program Management for LA Metro, Los Angeles" at Project Controls Expo 2017, Arsenal Stadium, London
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
International Workshop on Artificial Intelligence in Software Testing
Project Controls Expo 18th Nov 2014 - "Cost Estimate Risk Analysis: For Capital Projects and Maintenance Turnarounds" By Steve Jewell
1. Copyright @ 2011. All rights reserved
Cost Estimate Risk Analysis:
For Capital Projects and Maintenance
Turnarounds
Project Controls Expo – 18th Nov 2014
Emirates Stadium, London
2. Copyright @ 2011. All rights reserved
About the Speaker
Steve Jewell is the Risk Management Practice Leader for Asset
Performance Networks.
Steve has over 38 years of experience in the oil and gas sector, with more
than 20 years spent in risk management roles.
Prior to joining AP-Networks, he was Senior Risk Advisor at BP and led a
team providing risk management guidance to BP’s mega projects.
Steve also spent 10 years reviewing cost estimates and schedules and
running cost and schedule risk analysis in support of project sanction.
Steve has also been a guest lecturer on risk management and cost &
schedule risk analysis at a number of leading universities including
Imperial College, MIT and The Moscow School of Management
Skolkovo.