Using @RISK in Cost Risk Analysis
This free live webcast will explore how @RISK can be used to model cost uncertainty and risk events that will affect the total project cost. We will show how to model cost ranges and risk registers through the use of probability distributions. We will discuss how to measure correlation between variables, how to add a correlation matrix into a model, and the impact of correlation in a result. Once our simulation model is run, we will learn how to assess the contingency required. We will also learn how to identify the key drivers that are needed for a mitigation analysis, and learn how to use of multiple simulations to compare the effectiveness of the different mitigation strategies. Also in the webcast, we will present examples of VBA macros that allow automating the construction and reporting of risk models. |