Our Vision To be recognized technical authority in cost and schedule management for programs, projects, products, assets, and services. Our Mission The members of AACE enable organizations around the world to achieve their investment expectations by managing and controlling projects, programs, and portfolios; we create value by advancing technical knowledge and professional development.

Is it Important to Scientifically Derive Project Contingency?

SYNOPSIS: Capital projects often than not experience significant cost over-runs and schedule delays, eroding project' commercial values or profitability. One of the many researched reasons why major projects have such bad reputation is lacking robust and diligent project risk management practice, not only qualifying risks but to quantify the aggregated impacts of such foreseeable risks to the project.

Contingency is an essential element of project budget that is deemed to be spent by project team. In addition risk reserve funds are supplementary to cover the extraordinary and rare-event driven risks during project execution. How to derive the contingency and risk reserve funds in a scientific way is not a well-known to many project controls personnel. This presentation illustrates how a Monte Carlo simulation technique is used to simulate appropriate contingency at a given confidence level, and fits into cost estimate classification.

PRESENTER:

John G. Zhao

Principal Consultant at Riskcore Ltd.

LOCATION: Go To Meeting

PROGRAM TIME:

September 24th, 2020

6:45pm –Log-in to Webinar

7:00pm – Webinar Starts

7:45pm – Q&A

8:00pm – Webinar Ends

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AACE Seattle Section Meeting September 24, 2020
Thu, Sep 24, 2020 7:00 PM - 8:00 PM (PDT)

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PLEASE NOTE: If you would like to be added to the Seattle Section's mailing list to receive future notices about our meetings and events, please contact one of the presiding Officers or Directors. Visit the AACE Seattle Section on our new website at www.aaceseattle.org Anybody interested in budget control, claims management, cost engineering, cost estimating, earned value management, planning and scheduling, project control, project management, value engineering, or risk management in any industry is cordially invited. AACE Seattle Section normally meets the 2nd Thursday of each month from September through June (excluding December). Each meeting with a technical presentation qualifies for .25 Continuing Education Units (CEUs) towards your CCP/CEP/CFCC/DRMP/EVP/PSP recertification requirements.