This is a webinar delivered for the PMI Risk Community of Practice by Dr Stephen Grey. It explains the historical origins of some common methods for contingency assessment and points out the need to move to those that make more intelligent use of the power we now have available in computers and simulation software.
The use of quantitative modelling to set project cost contingencies is not yet a mature discipline. Practices in common use today range from the most rudimentary methods, which predate the use of quantitative modelling, to cutting edge techniques that have only come into use in the last decade. This webinar outlines some of the forces driving developments in these methods and summarises the present situation before offering recommendations on practices to adopt from here on.
View the webinar here (this link is outside Broadleaf's website).