QUANTITATIVE COST RISK ANALYSIS (QCRA)

Similar to QSRA, QCRA provides a probabilistic forecast of project information. QCRA provides project cost probabilities compared to schedule in QSRA. It provides predictive information based on Monte Carlo methods and allows project managers to see the percentage chance – based on 10,000 iterations – that a project will complete with a certain cost. It provides the project manager with enough information so that they can determine a contingency amount to add to the baseline project estimate.

The services included within our QCRA package are shown below:

• Educational seminars on:

  • The QCRA process

  • The benefits of QCRA

  • The high-level theory behind the analysis

  • How to get the most from a QCRA

• Workshops for the purpose of:

  • Obtaining all information needed to run the QCRA

  • Challenging the  costing breakdown and preparing it for analysis

  • Identifying risks (in conjunction with the client-side Project Manager/Estimator)

  • A follow up session after each iteration to discuss what can be taken from the QCRA outputs

• A tailored report including:

  • All output information, presented in an easy to read format

  • QCRA output graphs - to show where the information is derived from

At INTOS we believe that without a basic understanding of QCRA, it cannot be used effectively and eliminates its sole purpose – to inform.