The ValidRisk alliance partners (KGC and Validation Estimating LLC) offer a variety of Project Risk Quantification services related to the ValidRisk tool and to cost engineering and project control in general.
These include (but are not limited to) the following:
- ValidRisk Implementation / Calibration
- Risk Analysis
- Estimate Review / Validation
While the ValidRisk toolset is ready to go “out-of-the-box”, there are several features that can be customized. The ValidRisk partners can assist with any of the following:
The systemic risk rating “matrices” for the parametric tool should be customized to reflect the user’s project system, terminology, deliverable types, language and so on.
If the user has a unique asset type, new systemic risk rating matrices can be added. The partner’s experience with AACE® International Classification recommended practices can help implement an appropriate matrix.
The systemic risk weightings can be customized.
The parametric tool has calibration factors (set to 1.0) to adjust the cost and schedule distribution central tendency (mean) and spread (standard deviation). These can address cost and schedule outcomes unique to the client, asset or project type. While calibration is not typically required, it can help assure the stakeholders of tool applicability. The partner’s can help the client conduct a “calibration study” using the client’s historical data.
The tool output tables and charts should serve most purposes; however, the partner’s can assist if customization is desired.
The ValidRisk partners have many years of project estimating, scheduling, control and risk management experience.
A typical consultation assignment is to help improve some element of the client’s risk management and quantification organization, process or practices so that the maximum value is gained from the various ValidRisk applications (ValidRisk, ValidEsc, ValidDatabase).
Also see the training and risk analysis services below.
The ValidRisk partners can assist in developing and leading/facilitating bespoke training modules that meet the client’s needs.
The training topics can be on tool application, or any risk management, risk quantification or data analysis practice area. The partners also offer training in estimating, project control and other practice areas (with an eye on risk in all cases).
The ValidRisk and other tools were designed to be practical and applied by inhouse personnel without the need for external experts. However, ValidRisk partners can assist in facilitating risk workshops and applying the ValidRisk tool on major projects where assistance or the “outside view” is desired. Also, it can be beneficial to have expert along to support inhouse personnel during the initial application or piloting of the tool (i.e., work alongside the internal risk person; i.e., train the trainer).
The ValidRisk partners have many years of project estimating and estimate review experience. Plus, the ValidDatabase tool was designed with estimate validation in mind as a main use. The partners can perform or support qualitative estimate reviews (i.e., the outside view) and/or assist the client with quantitative estimate validation (optimally with the client’s own historical data).