Key processes necessary to identify and manage risks on complex infrastructure projects have been developed over the last 20 years, implementing risk-based approaches for better cost and schedule estimation.
Cost and schedule, however, were mostly treated separately instead of integrating them into one model. This integration including the consideration of uncertainty is highly relevant as schedule delays are very often the root cause for severe cost overruns.
This presentation describes an integrated probabilistic cost and schedule model, which along with the consideration of uncertainty in quantities, rates and timeframes, helps to provide transparency on complex infrastructure projects. The application is based on a combination of two practice-proven approaches – the RIAAT (Risk Administration and Analysis Tool) and the Cost Estimation and Validation Process CEVP® (Reilly et al. 2004/Washington State Department of Transportation), creating a powerful tool for management of complex risk environments.
Taylor Burns has a bachelor’s degree in civil engineering from University of Technology, Sydney and has recently become the Australian representative for the Austrian based company, RiskConsult. Previously working for Public Works Advisory as a Project Manager and as a Regional Engineering Services Functional Area Coordination for NSW Engineering Emergency Management. Taylor previously took a gap year to work in Europe in and in doing so developed an interest in probabilistic cost and schedule risk management for large infrastructure projects.
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