Project Historical Databases
Programs, megaprojects (which are always a program in composition) and the work breakdown of most large projects in general, are made up of sub-projects. For example, a processing facility may be one element, while the supporting utilities and infrastructure are managed as separate elements. Each element may have a project manager, reporting to a program director. Each PM needs their own contingency in order to manage their part. Therefore, ValidRisk is often going to be applied separately for each of these projects; that serves the purpose of the PMs. However, the program is likely to be decided upon and funded as a whole, not by element. The question then is “what is the cost distribution for the program?”
The ValidDatabase product is design to support these historical risk management and quantification needs. It captures past analysis, and supports the entry of actual risk, cost growth and schedule slip metrics. This can supplement or be integrated with a more comprehensive project historical database system if the client has one. A comprehensive company system is particularly desirable for estimate validation (i.e., measuring bias).