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INSTRUCTOR:
Nils J. Gransberg, Ph.D., DBIA, A.M.ASCE
Purpose and Background
Projects need the right amount of contingency to weather the realization of "known-unknowns" that occur in every project, with the goal of finishing on-time and on-budget. Professional judgement-based, policy-based, or statutory percentages generally applied tend to be insufficiently capable of accurately forecasting the realization of actual risks, and even more so the larger and more complex the project is. Excessive contingencies needlessly tie up capital that could be used on scope betterments or other projects; insufficient contingencies lead to budget busts, schedule growth, claims, and disputes. Realistic, effective risk-based contingency development and active management is a critical function in the successful delivery of infrastructure and other projects, allowing the Project Manager to actively manage risk, avoiding the twin pitfalls of insufficient or excessive contingencies.
This seminar introduces attendees to the theory and application for developing rational contingencies using risk-based estimating and other tools in the context of infrastructure design and construction projects. Attendees will learn how to integrate contingency estimating techniques into existing risk management tools, replacing fixed percentages and lump sum contingencies with rationally developed line-item contingencies enabling active management through all project phases.
Benefits and Learning Outcomes
Upon completion of this course, you will be able to:
- Explain the principles of construction risk management.
- Develop risk-based rational contingencies and allowances.
- Apply techniques and process to actively manage design and construction risk throughout the life of the project.
Assessment of Learning Outcomes
Students' achievement of the learning outcomes will be assessed via a short post-test assessment (true-false, multiple choice, and/or fill in the blank questions).
Who Should Attend?
- Civil Engineers
- Project Managers
- Owner’s Representatives (Public & Private)
- Architects
- General Contractors
- Construction Professionals
Outline
Day 1
Introduction to Risk Management
Risk Identification
Practical Exercise - Risk Identification
Risk Evaluation & Quantification
Practical Exercise - Risk Quantification
Day 2
Design Phase Contingency Estimates
Construction Phase Contingency Estimates
Practical Exercise – Design & Construction Contingency
Contingency Management Techniques
Practical Exercise – Contingency Management
How to Earn your CEUs/PDHs
This course is worth 1.6 CEUs /16 PDHs. To receive your certificate of completion, you will need to complete a short post-test and receive a passing score of 70% or higher within 30 days of the course.
How do I convert CEUs to PDHs?
1.0 CEU = 10 PDHs [Example: 0.1 CEU = 1 PDH]
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