Project Risk Analysis Using @RISK 5.0, Part II: Cost Estimation & Scheduling Methods (@RISK 5.0 and @RISK for Project)

Part II of our @RISK-specific training consists of two 4-hour sessions spread over 2 days and builds upon the concepts and methods covered in Part I to further develop risk assessment skills and the ability to make a defensible decision under uncertainty.  By the end of the course, attendees should be able to perform defensible risk assessments using the @RISK software.

Materials presented in Part II build upon those presented in Part I. Therefore, it is required that registrants have completed the Part I course.
  • Correlation
    • Definitions, how to measure correlation and how it impacts your model
    • Adding Correlation to a Model

  • Use of advance modeling techniques in @RISK 5.0
    • @ RISK Library
    • SWAP function
    • Riskmakeinput function

  • Selecting the right distributions:
    • Context
    • Using Historical Data to perform Distribution Fitting
    • Incorporating Expert Opinion in risk analysis models

  • Schedule Risk Analysis using @RISK 5.0 in Excel
    • Modeling uncertainty and incorporating a Risk Register
    • Performing a integrated cost-schedule risk analysis
    • Modeling Cost Escalation

  • Schedule Risk Analysis using @Risk for MS Project
    • Simulating a project schedule
    • Creating a probabilistic Gantt charts
    • Probabilistic and conditional branching
    • Determining how critical  project activities are (critical index)
    • Determining probability of accomplishing project’s time and cost objectives
    • Correlating variables in the schedule model
    • Simulating Cost-Loaded Schedules


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