Project Risk Analysis Using @RISK 5.0, Part I: Cost Estimation Methods

Part I of our @RISK-specific training consists of two 4-hour sessions spread over 2 days. Attendees will discover how to translate their deterministic Excel’s cost models into a @RISK model that can be used to quantify exposure and test mitigation strategies. This session employs simple examples to present modeling techniques and the capability of the software, as well as simulation analysis. This course provides a sound introduction to @RISK 5.0 in cost estimation.
  • Introduction to Palisade Corporation and course contents
  • Project Management Concepts
    • Introduction
    • Work Breakdown Structure (WBS)
    • Cost Estimation and Budgeting
    • Scheduling
    • Project Risk Analysis (PRA)
    • Uncertainty vs Variability
    • Risk Matrix
    • Risk Register

  • Introduction to Probability, Background Statistics, Monte Carlo Simulation, and Common Distributions used in Project  Risk Analysis
  • Using @RISK 5.0 in Excel for Cost Estimation, Risk Analysis, Sensitivity Analysis and Contingency Determination studies
    • The @RISK Interface: menus, icons, windows and dialogs
    • Developing a simple Cost Estimation Model
    • Adding Uncertainty and Variation to the Model
    • Examination of Simulation Results
    • Interpretation of Results
    • Determining and allocating Contingencies
    • Generating Simple Reports of Results
    • Performing a Sensitivity Analysis to determine key drivers affecting total cost and how to use results in Risk Mitigation  
    • Incorporating a Risk Register (riskcompound functions) in the Cost Estimation Model

 


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