Digital Product Development and Decision Making Under Uncertainty

Project Management for Product Development and Decision Making under Uncertainty.visit - ww.geeym.com/qra

Digital Product Development and Decision Making Under Uncertainty Digitization is dominating in this era of 2nd machine age. A webinar The failure rate of digital products is high. Technology, competitors, and market dynamics are key factors, but one can’t ignore cost and schedule. Cost and schedule model development is the starting point to plan the […]

Capital Project Petrochemical Process Plant, IRR, and NPV Analysis – Webinar

Petrochemical project Management-www.gleeym.com/qra

Capital project for the petrochemical process plant (downstream) is slightly different from other capital projects. It requires estimating Total Installed Cost (TIC) plus Owner cost in order to find the complete project cost. Cost estimation for petrochemical process plant is comprised of equipment specification and definite plant facility information. In this case study, there are […]

Risk Register – Doodle

Risk Register – Doodle , a visual illustration in an easy way! Also read: https://www.gleeym.com/2019/11/20/communicate-with-risk-register/ My post related to Risk Register template was viewed by 30,000 people and more than 15,000 people have downloaded the template. I have made this doodle to describe the simple steps required to capture information in the risk register. https://youtu.be/6pUvkNm8-Hs QUANTITATIVE […]

Risk Management with Mind Maps

Schedule and cost estimates after creating mind map

It was a great interactive risk management process walk through with real examples. Discussed: 1- Risk Management plan along with its components 2- Risk Identification. Using sticky notes digitally. 3- Qualitative Risk Analysis. Discussed in details Risk Matrix and who aligned it with Enterprise Risk Management. 4- Quantitative Risk Analysis. Discussed schedule, schedule audit, cost […]

Integrated Cost and Schedule Risk Analysis (IRA). Why? 5 visuals explain it!

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Summary In Oil & Gas industry projects are always complex whether onshore or offshore. Remote locations, site access, communities, resources constraints and long lead items (LLI), etc. can be challenging to execute the project. Performed schedule and cost risk analysis with uncertainty using Monte Carlo simulation for Condensate Process and Storage Facility Project.  Even developing […]

Quantitative Cost and schedule Risk (QCRA, QSRA) Modelling of Weather event.

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Introduction Tough, rigid, and uncertain conditions ground and environmental conditions in a remote location can be treacherous. Weather calamity can be a known-unknown or unknown – unknown event with huge impact. Generally, quantitative cost & schedule and Cost (QSRA & QCRA) model are developed for catastrophic events like Hurricane, Tornado and flood etc. Case Study […]

Digital Risk Analysis using Monte Carlo Simulation using Monte Carlo Simulation (MCS)

Digital World, 2nd machine age

Questions: What is Digital Risk Management? Why Schedule for Agile environment? How Monte Carlos Simulation will help to answer the question and concerns of key stakeholders. Digital World: Digital electronics provides the basis for fourth industrial revolution or second (2nd) machine age. It is evolving and following “Morse Law” and expanding exponentially. Computing power is also growing substantially to provide support in planning, […]

SCHEDULE RISK ANALYSIS (SRA) – SCHEDULE UNCERTAINTY

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SCHEDULE RISK ANALYSIS (SRA) – SCHEDULE UNCERTAINTY Keywords: Schedule, Critical Path (CP), Milestone, Deterministic Value, 3-Point estimates, Monte Carlo Simulation, Correlation, Iteration, Cumulative Frequency Chart, Probabilistic Branching, Distribution, Triangular Distribution, Categories, Duration, Finish Date, Uncertainty, Skewness, Positively Skewed, Negatively Skewed. Summary: A schedule risk analysis (SRA) uses a risk-based project schedule (derived from the master […]