Risk 2023
Engineers Australia

7 – 8 September 2023

Risk Decisions was a premium sponsor at the tenth biennial RISK conference, hosted by the Risk Engineering Society, where we delved into the theme of ‘Risk Engineering for a Resilient 2030.’

The conference proved to be invaluable for engineering professionals involved in risk management and decision-making processes.

Thank you to all who attended our presentation titled ‘How right is that feeling in your bones?’ delivered by our APAC Delivery Consultant, Fernando Patiño. Furthermore, we thank all those who visited our stand, providing an opportunity to connect with our APAC team and engage in discussions surrounding all things Risk.

Presentation - How right is that feeling in your bones?

With enough experience under your belt, you can start to get a good gut instinct for pricing projects.

For instance, I’ve done enough home improvement projects now that I can usually guess with reasonable accuracy, the final ball-park figure that I’m going to need to spend. Luckily, I’m not overly accountable for being a bit off the figure, apart from to my other half!

An experienced cost estimator is worth their weight in gold and will also have a good instinct for the cost of a piece of work and the key factors that will drive it up or down. However, their estimates will be under far more scrutiny than a home improvement project, and their organization will be ultimately accountable for any deviation from the original cost estimate.

In this presentation, we show how we worked with one of our clients to successfully bid a National Highways project to enhance a trunk road junction.

Using an anonymised case study, we will demonstrate how Monte Carlo Analysis was used to harness and enhance the expertise within the organization. We’ll explain how this enabled effective risk and uncertainty conversations to take place, to take control of costs and establish a winning price, effectively combining accountability for it and the ability to sleep at night!