Workshop: Take Control of Your Project with a Cost and Schedule Risk Analysis

Mount Elbert A

Projects are frequently over cost (budget) and/or behind schedule. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone.[1] “(Wikipedia — Cost Overruns)

Management can make better decision whether to do a project or how to do a project if they better understand the uncertainty in schedule and cost uncertainty. Deterministic assessments often have less than a 5-10% chance of being achieved (90% chance of being over cost and behind schedule).

During the 4-hour workshop we will:

  • look at how decision quality principles can assist in better assessing cost and schedule using probabilistic analysis
  • conduct an abbreviated training in calibrating Subject Matter Experts
  • discuss what should be assessed by the SME and alternative for using that information
  • demonstrate how a probabilistic model with multiple schedules and costs is used to generate distributions for schedule and costs that are integrated.
  • Identify which tasks would have the largest impact on schedule.
  • Show how to incorporate mitigations and compare to the original CSRA results or alternative mitigations.

Important: Please bring a laptop

(Workshop not included in conference registration. Please email or contact hilda at decisionprofessionals dot com to sign up — this workshop still has some spots open.)