@RISK used in Patrick Engineering’s Massachusetts Bay Transit Authority Project
Patrick Engineering, a nationwide U.S. engineering, design, and project management firm, provides independent cost estimating, scheduling, and risk analysis services for the Massachusetts Bay Transportation Authority (MBTA). Given the uncertainty of cost and schedule duration estimates, the best way to display them is with probability distributions. Patrick Engineering uses @RISK to assess cost and schedule contingency needs based on project or program risks.
Patrick Engineering worked on the Downtown Crossing Vertical Upgrade project recently, part of the MBTA’s program to upgrade elevators and meet accessibility requirements of the Americans with Disabilities Act. The first step for the project was risk identification. “To do this, you need to work collaboratively with the client, with the designers, with the project management team, with anyone who will have insight into the project – you want them all involved,” explains Kim Kozak, Sr. Project Manager for Patrick Engineering. The full team for the Downtown Crossing station project included six organizations and approximately 20 team members.
From here, Patrick Engineering holds a Quantitative Risk Workshop with all the players. “We try to get people thinking, to encourage discussion, as even a small detail could lead to a giant risk,” said Kozak. “Similar to the situation with the Titanic – what seems like a minor detail could be enough to sink the entire ship.”
Through the Workshop process, the team is able to capture enough details to enable Patrick Engineering to build a risk model based on the minimum, most likely and maximum values, and assign appropriate levels of probability for those risks. The company uses @RISK to assess project contingencies based on the cost and schedule risks, using Pert and Triangle distribution models. As each project has unique risks, the input for models is determined on a per-project basis.
“The final results of Palisade’s @RISK models help us, and our clients, understand where projects could go – not where they will go,” explained Kozak. “And we know that if a risk does occur, we’re well prepared as we’ve already identified it.”
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@RISK and DecisionTools Suite 7.5 Now Available
New @RISK 7.5 and DecisionTools Suite 7.5 offer a range of improvements for any decision maker, from general use enhancements to new, specialized analytical features. New and enhanced graphing options, faster performance, and sophisticated analytics make DecisionTools Suite 7.5 the only decision analysis toolset you’ll ever need!
- New and Improved Tornado Graphs in @RISK
- Faster Optimization with RISKOptimizer
- Over 20 New @RISK Functions
- Graphing and Reporting Improvements in @RISK
- And more!
» What's new in DecisionTools Suite 7.5
|Project Manager Today's In-Depth Review of @RISK Professional|
Project Manager Today took an in-depth look at @RISK Professional in a 4-page article in July. "All projects involve risks, but it’s vital to understand what those risks are and how they might affect your budget and schedule," explains author Steve Cotterell. "@RISK is a well-established software tool that’s been designed to help you do that." What follows is a thorough review of features, with helpful screen captures as illustrations. The piece serves as a nice introduction to @RISK, demonstrating how project managers create models to mitigate uncertainty, all within Excel!
» Read the full @RISK Professional review
|New Book: Business Risk and Simulation Modelling in Practice: Using Excel, VBA and @RISK (The Wiley Finance Series)|
This new first edition text from the Wiley Finance Series is a complete guide to the principles and practice of risk quantification for business applications. Author Michael Rees, an expert on risk management and modeling, utilizes @RISK extensively to illustrate points and perform analyses. The book is unique in its coverage of the theory, context, and approaches to risk management and modeling issues. Nearly 100 practical, real-life models are provided to demonstrate key concepts.
» Learn more and order Business Risk and Simulation Modelling in Practice
2016 Risk Conferences - New Dates in California and New Jersey
Palisade Risk Conferences are taking place around the globe in 2016! We're looking for interesting applications of @RISK and DecisionTools Suite software for presentations. Register now for an event near you.
US Risk Conferences
New Orleans Nov 1 & 2 Call for Papers - Register Now
Edison, NJ Sept 20 More Information - Register Now
Irvine, CA Sept 29 More Information - Register Now
EMEA Risk Conferences
Edinburgh Oil & Gas, Sept 22 Call for Papers - Register Now
Cape Town November 10 Call for Papers - Register Now
BigPicture for Human Resources
Presenter: Robin Holloway, Palisade
09 August - 3pm BST / 2pm UTC / 10am EDT » Register Now
Introduction to Risk and Decision Analysis
using @RISK and
The DecisionTools Suite
11 August - 10am BST / 11am CEST / 5am EDT » Register Now
08 September - 10am BST / 11am CEST / 5am EDT » Register Now
10 November - 10am BST / 11am CEST / 5am EDT » Register Now
Introduction to BigPicture
Presenter: Robin Holloway, Palisade
24 August - 3pm BST / 10am EDT » Register Now
Risk Register Focus: Introduction to Risk Analysis using @RISK
Presenter: Doug Oldfield, Palisade
13 October - 10am BST / 11am CEST / 5am EDT » Register Now
» See complete Webinar schedule
The Global Leader in Risk
and Decision Analysis
Palisade is the world's leading provider of risk and decision analysis software and solutions. Founded in 1984, its products @RISK and the DecisionTools Suite are used by over 95% of the Fortune 100, in nearly every industry around the world. Palisade is headquartered in New York State, and has offices in London, Sydney, Rio de Janeiro, and Tokyo.