Risk-Based Evaluation of Infrastructure Projects

Date: Oct 29, 2008

Time: 8:30am - 4:00pm

Location: Holiday Inn Hotel and Suites, Markham Ontario

Objective:

Improve decision-making and value in infrastructure projects by demonstrating the use of risk-based evaluation of project cost and schedule.

Who Should Attend:

This seminar is aimed at Project and Program Managers of Infrastructure Projects who are interested in understanding of the benefits and applicability of risk-based evaluations to improve decision making, and those looking for tools to help improve the decision making of public agencies. It is of particular use to those who have experienced unexpected and significant changes in project schedule and costs and who are looking for a generally accepted approach to identifying, quantifying, and managing these uncertainties.

The seminar will include a mock analysis of a small transportation infrastructure project (construction value $10M to $20M) and previous knowledge of value engineering or risk analysis is not required.

Course Outline:

This seminar is based on emerging techniques to undertake risk-based evaluations of schedule and cost. These techniques are mandatory under standard protocol in some public agencies in the U.K., Washington State, and in the U.S. Federal Transit Administration. Many other Federal, State/Provincial, and municipal agencies and utilities in the U.S. and Canada are beginning to apply these methods on their more challenging infrastructure projects.

This seminar will illustrate how Risk-Based Evaluation of infrastructure projects is a useful technique that improves the management of infrastructure projects, enables non-technical decision makers to understand cost and schedule uncertainties, and enables technical staff to manage uncertainties.

This seminar presents an innovative, practical, and cost-effective approach that helps mitigate these problems by: 1) quantifying actual project cost and schedule uncertainty within a probabilistic, risk-based, integrated cost and schedule model, 2) identifying and prioritizing critical cost and schedule risks and opportunities, as well as quantifying the benefits of proposed mitigation strategies to address those critical risks and opportunities; and 3) improving owner and project team understanding and communication.

Outcome:

Seminar participants will be able to recognize the elements and applicability of risk based evaluations including:

• The practical principles and application of the approach through first-hand experience
• Projects that would benefit from risk-based evaluations

Seminar Leaders: Dr. S.J. Boone, Charles Lockhart, Dr. Travis McGrath

The seminar leaders have completed risk-based cost and schedule analyses on projects throughout North America and world-wide. They have co-developed and delivered training on infrastructure cost and schedule risk assessment to Washington State DOT (WSDOT), Utah DOT, North Carolina DOT, the US Federal Highways Administration, Ministry of Transportation Ontario, City of Toronto, and Waterfront Toronto corporation.

Recent projects completed by these individuals include WSDOT's proposed "mega projects", highway infrastructure for MTO, $5B program of 150 WSDOT projects, a large urban waterfront revitalization program (building a city within a city) as well as for numerous smaller projects.

Dr. Boone is a graduate of Clarkson University and University of Toronto. Mr. Lockhart has an M.Sc. from Cornell University, and Dr. McGrath is a graduate of Seattle University and The University of Texas at Austin.

Seminar Cost:

$375 for CSVA members, $475 for non-CSVA members

More Information:

• What is Risk-Based Cost and Schedule Analysis?
• Applications of RBCSA in Washington State