Cost schedule risk analysis is a method for evaluating potential cost and schedule variances by incorporating risks and uncertainties into an integrated framework. The results can be used for a variety of purposes, including budgeting, prioritizing risk mitigation and management techniques, and modifying contract terms and conditions to improve project planning and execution.
Similar to QDA, the multi-criteria decision analysis (MCDA) process incorporates a powerful set of analytical tools that support a structured evaluation of alternatives. The difference is that MCDA goes beyond financial and risk considerations to include other stakeholder objectives and preferences, helping to identify the strategy that best meets overall objectives.
Integral’s modeling tools have allowed clients to obtain a more complete picture of expected cost over a defined time period, promoting a clear understanding of primary cost/uncertainty drivers, which supports focused long-range planning.
Portfolio Prioritization Tools
Our custom-built prioritization tools help evaluate uncertainties and key site parameters such as cost, risk, and the potential to influence outcomes. Using Monte Carlo simulation and probabilities, we have assessed liabilities for portfolios in multibillion-dollar transactions.
Used to evaluate the interactions of elaborate logistical and environmental systems, process simulation tests feasibility and expected outcomes. This approach also identifies methods for improving overall performance. Optimization techniques assist clients in maximizing revenue, minimizing cost, and time.
Quantitative decision analysis (QDA) is a structured approach for evaluating decisions with complex alternatives, uncertain outcomes, and competing objectives. QDA provides a systematic and transparent decision-making process that organizes client intuition and leverages subject matter expertise, revealing insights about cost and other risk drivers to assist decision making and add substantial business value.