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Opportunity and risk management in the construction industry
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On-Demand
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Where
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Training Content
Construction projects are inherently associated with uncertainties. This challenge is often inadequately addressed through purely deterministic calculations. The knowledge and use of probabilistic methods are becoming increasingly important in the context of opportunity and risk management. This is not only relevant for new contract models (e.g., alliance contracts) but also for budget planning, cost estimation, and price formation, as well as in work preparation, execution planning, and life cycle assessments. Thinking in terms of ranges is gaining significance. The seminar is aimed at representatives of both clients and contractors, as well as consultants, students, and researchers. The goal is to provide an insight into operational opportunity and risk management in construction, based on theoretical foundations and proven practical applications. Additionally, hands-on exercises will be conducted to teach the initial steps of model development, simulation, and result interpretation.
Training Structure
Training Duration: 6 hours
1
Welcome and Introduction
Introduction to the fundamentals of opportunity and risk management.
1,5 h
2
Basics of Monte Carlo Simulation
Basic functioning of probabilistic calculation methods compared to deterministic calculations. Presentation and communication of the benefits, as well as the advantages and disadvantages.
1,5 h
3
Practical application of probabilistic calculations.
Collaborative work on practical examples.
1,5 h
4
Best practice examples
Presentation and discussion of proven practical application examples.
1,5 h
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Construction operational and economic reports
Would you like us to address a construction operational or economic issue, or are you interested in booking a training session for your employees? Feel free to contact us today.
