Estimating and Cost Engineering Training

Project Decision Analysis and Risk Management

Sound project decisions require a comprehensive analysis of project costs, benefits, risks, and other factors (both objective and subjective) that may potentially affect project outcomes. This 3-day course will discuss objective, systematic, and practical methods to deal with decision-making under uncertainty. The goal of the course is for each participant in the capital project process to understand the fundamentals of decision analysis and the closely related topic of risk management. Techniques to determine contingency and reserves for project cost estimates and schedule will be covered, as well as on-going assessment and management of risk throughout project execution. The course will focus on the strategies that can be employed to minimize the potential impact from threats, and maximize the potential value for opportunities. The course covers how to monitor and review risks throughout the project lifecycle.

This seminar will be beneficial to project team members involved both with investment decision-making regarding project alternatives, as well as those involved in one or more functions related to managing and controlling capital projects; including project management, project controls, cost engineering, estimating, scheduling, etc.

This course is typically provided as a 3-day course; however, the course can be extended to additional days for more in-depth coverage of selected topics.

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