Most project based organisations that use some form of QRA do so to calculate confidence and contingency during business case preparation and the competitive tendering stage of their projects. However, few use QRA to its full extent throughout the project life-cycle.
“I was delighted to receive an invitation to present at the APM Risk SIG ‘The Value of quantitative risk analysis (QRA)’ conference in London this month. That the conference was oversubscribed shows there is a compelling case for supporting organisations wanting a better understanding of their exposure to potential project cost overrun and time slippage. There were lots of questions about the practical use of QRA, and the best way to present results and how tools support the process. My presentation focused around using QRA to its full extent throughout the project life-cycle. I received very positive comments, in particular that it was well balanced – not too technical and focussing on business use and benefits of the approach.
It was excellent to have one of our Predict! customers, Roger Garrini of Leonardo also speaking at the conference; a running theme of speakers throughout the day was that having good support is vital, at bid stage and throughout the project life-cycle, to help produce or answer questions on analysis results. On our stand we were able to show Predict! in action. While tools are only a part of the QRA process, a good Monte Carlo analysis tool such as Predict!, fully integrated with your risk data and project schedule is fundamental to being able to perform repeat analysis on data. It gives managers’ confidence that they understand the latest cost and schedule position of their project.”
See Val’s slides here
“Thank you to the APM Risk SIG for organising the event” says Val Jonas, CEO