Are Caring about the Penalty Clause in a Mega Construction Project? 3 Questions Need to be Addressed!
Construction Project – Better way to Envisage Your Project’s Future. How? 4 Graphs are Enough to Illustrate! Key Words Construction, penalty, Delay, Contractor, Client, Owner, Construction Project, Project Delivery, Project Controls, Brown Field, Green Field, Cost Estimates, Schedule, Integrated Cost Risk Analysis, Risk Register, Execution, Planning, Remote Area, Skilled Labor, Material Handling, Bulk Material, Construction […]
Integrated Cost and Schedule Risk Analysis (IRA). Why? 5 visuals explain it!
Summary In Oil & Gas industry projects are always complex whether onshore or offshore. Remote locations, site access, communities, resource 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. Developing a […]
Earned Value Management (EVM) Concept
Earned Value Managment – EVM. Why is it so important? Earned Value Management (EVM) has always been challenging to understand. EVM covers 4 to 5 questions in the exam. I am going to narrate an example to explain this concept: Q – A company ABC is hired to install underground pipes for water supply to […]
How to Perform PERT Analysis Manually
One – Point estimation reflects one value per activity. It is based on expert judgement, experience, expert opinion or historical information. Fear of padding is always a major concern with one-point estimation. Also, it does not reflect risk or uncertainty associated to schedule or cost estimation. Therefore, Three-point (3) estimation is preferred for activity duration […]
SCHEDULE RISK ANALYSIS (SRA) – SCHEDULE UNCERTAINTY
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 […]