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Risk Quantification: Key to Investment Decision Making, and Project Control

Risk Quantification: Key to Investment Decision Making, and Project Control

To deliver an effective project plan, you need quality, targeted base cost and duration estimates. Cost estimating and scheduling use many techniques to translate project scope deliverable information into solid, integrated “base” estimates of time, costs and resources. However, all plans are uncertain and, at early scope definition phases, so too is the scope. So how are you going to deal with all the uncertainty? This is what Risk Quantification helps you with. 

  • 5 common pitfalls in benchmarking

    Benchmarking is widely used by Engineering and Construction firms in order to assess the performance of projects. As a project controller, are you also applying this method or are considering applying it in order to maximize your profit? If so, are you sure that you are doing it right? Here are some common pitfalls you should avoid in order to ensure a successful implementation of benchmarking.

  • Untangling Cost Estimating for Renewable Energy

    In today’s world, the main challenge facing the industries is to meet the needs of an increasing population sustainably. The process and energy industry is responding to this situation by harnessing alternate sources of energy such as solar and wind energy. 

  • How to evaluate economic bids - Without dying while trying

    Technical evaluations are often linked to a checklist with all the requirements, and once this is approved, the economic comparison of the equipment offers are executed. But is this evaluation just a ranking of the best price?

  • Cost Estimating: How to use Composites

    Different methodologies could be applied to perform a cost estimate. When detailed information on a project is available, it is possible to develop a detailed unit cost estimate, which is a bottom-up estimate at work-package or task level and it includes quantities, unit costs, labor rates, etc.  However, in most of the cases, especially in early stages of a project, there is a lack of detailed information. This article will discuss how composites can help you create reliable and accurate cost estimates in these situations.