ContingencyEstimator Information

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ContingencyEstimator
 
  • Imports your estimate from Excel
  • The ability to take into account a range of values that apply to specific estimate line items (both quantities and rates). (Most estimators are much happier applying a value range.)
  • The process helps to identify any inadvertent omissions from the estimate
  • Quickly runs a Monte Carlo (MC) Simulation of the data (one click)
  • Gives visibility as to how contingency was derived.
  • Items with the greatest impact are highlighted to help prioritise where management focus is needed to then improves the accuracy of those items and reduct the contingency allowance.
  • Assists with project gatekeeping (download Risk and Project Gatekeeping pdf)
  • Changes (eg when more accurate data is obtained) can be readily accommodated and the simulation re-run.
  • Enables worksheets/groups to be selected and run seperate separate simulations (eg for a specific stage)
  • Simulations may also be run for a group of projects (ie for programme level contingency)
  • Enables cash flow for the organisation to be better managed by ready updating which can lead to an earlier release of funds for other business activities.
  • The process, together with a similar process for qualitative risks (download RiskValuer pdf) has been demonstrated to give substantially more accurate estimates for a project and compare well with the actual turn out cost

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