Decision Analysis and Data Science Conference Workshop
Projects are frequently over cost (budget) and/or behind schedule. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone.
Management can make better decisions whether to do a project or how to do a project if they better understand the uncertainty in schedule and cost uncertainty. Deterministic assessments often have less than a 5-10% chance of being achieved (90% chance of being over cost and behind schedule).
At the DAAG 2019: Data + Decisions event in Colorado, Engcomp’s President and Senior Risk Analyst, Jason Mewis, will co-lead a workshop to address these types of challenges:
Looking at how decision quality principles can assist in better assessing cost and schedule using probabilistic analysis
Conducting an abbreviated training in calibrating Subject Matter Experts
Discussing what should be assessed by the SME and alternatives for using that information
Demonstrating how a probabilistic model with multiple schedules and costs is used to generate distributions for schedule and costs that are integrated
Identifying which tasks would have the largest impact on schedule
Showing how to incorporate mitigations and compare to the original CSRA results or alternative mitigations
For more information about this event, please visit DAAG’s website.