Introduction to Quantitative Risk Analysis & Modeling

Course Description

This course will provide an introduction to quantitative risk analysis and related modeling and elicitation techniques with a focus on design and construction applications. Participants will be introduced to the application of the Monte Carlo simulation approach to develop integrated cost and schedule risk-based estimates. Basic software in Microsoft™ Excel® format will be provided. Participants will be supplied with a copy of the book, Risk Management for Design and Construction, by Robert Stewart, Terry Berends, and Ovidiu Cretu.

A basic understanding of Risk Management is recommended; however, no prior knowledge of stochastic modeling is required. Topics will cover the use of proper elicitation techniques, developing three-point estimates for risks, risk modeling techniques, interpreting outputs from risk models, and modeling risk response strategies.

Learning Objectives

PMI Registered Education ProviderAt the conclusion of this course, learners should be able to understand the basics of stochastic modeling techniques (i.e., Monte Carlo simulation) for design and construction applications, understand key terminology, elicit estimates for cost and schedule risks, populate a risk model, correlate risks, interpret risk models, and model risk response strategies. The successful completion of this course will result in 21 Professional Development Units (PDUs) through the Project Management Institute (PMI®).


Please contact, or call (760) 741-5518 for more details on this course.

“PMI” is a registered mark of Project Management Institute, Inc.

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