The Pareto Principle (80/20 rule) was named after Vilfredo Pareto. He observed that 80% of income in Italy went to 20% of the population. Business management thinker J. Juran suggested the principle and named it after the Italian economist.
Presentation explains the probablistic approach to risk based cost and schedule estimates used by Washington State Department of Transportation to estimate the range of costs in large projects. Briefly discusses connection of risk based estimating to VE.
This presentation, through reference to a number of mega projects now completed and the new processes that have emerged from these, demonstrates how risk identification and analysis has helped project sponsors make more informed decisions. The presentation will address how we can better inform politicians in the very early days of a project to avoid embarrassing questions and failed election promises when delivery is delayed. The presentation will also explain how we can make better estimates of schedule and cost, highlights lessons learned and what should be avoided in the future. Best emerging practices for granting agencies will be touched on from the authors experience with the Federal Transit Administration in the United States.
Programme: Making Understandable Infrastructure Commitments Through Risk Based Estimates
Presentation explains the probablistic approach to risk based cost and schedule estimates used by Washington State Department of Transportation to estimate the range of costs in large projects. Briefly discusses connection of risk based estimating to VE.
This presentation, through reference to a number of mega projects now completed and the new processes that have emerged from these, demonstrates how risk identification and analysis has helped project sponsors make more informed decisions. The presentation will address how we can better inform politicians in the very early days of a project to avoid embarrassing questions and failed election promises when delivery is delayed. The presentation will also explain how we can make better estimates of schedule and cost, highlights lessons learned and what should be avoided in the future. Best emerging practices for granting agencies will be touched on from the authors experience with the Federal Transit Administration in the United States.
Programme: Making Understandable Infrastructure Commitments Through Risk Based Estimates