Fluor Standardizes
on @RISK

@RISK Key for Oil & Gas Estimates

The cost of a refinery facility usually runs in the hundreds of millions of dollars, and can even go as high as $1.5 billion. Whatever the total costs, the budgeting for these enormous projects involves many complex engineering and materials considerations. To deal with the megabuck uncertainties in its estimates for clients, Fluor Corporation – the multinational engineering, construction and project management firm – has recently standardized on @RISK.

"Our goal was to have the estimators spend less time chasing around and more time estimating. @RISK is the easiest [tool] with the most capabilities."
– Waymon Lofton, Head of oil and gas estimating, Fluor Corporation

@RISK’s capabilities have now proved themselves over and over. The team has even used the software to develop a generic model by including what Lofton refers to as a “checklist” of costs and their variability. This has further streamlined the estimating process.

“Fluor is a great example of how Palisade Corporate licenses can benefit many organizations – improved efficiency, greater analytical insight, and increased usage across the board.”
– Randy Heffernan, Vice President, Palisade

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Palisade Training Takes Fluor to 'Different Level'
Analyses More Accurate than Ever

Lofton reports an additional benefit from standardizing on @RISK: “Risk analysis within Fluor has moved up to a different level because of Palisade training on the software.” Fluor learned ways they could deal more accurately with the statistical aspects of their models. This of course made the models more precise and reliable. Flour can now feel confident that their second-round models leave room for only +10%, -5% error.

According to Lofton, all of these changes add up to “a significant improvement over the way we used to do things.”

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