Journey Map to a More Mature Schedule Risk Analysis SRA Process - AACE Australian Section

Organizations vary in their appreciation of the potential impact of the risks that could affect their achieving time and cost goals while completing the project’s scope. This presentation lays out a schedule risk analysis maturity model that allows organizations to determine: (1) where they are today on the scale from “not aware” to “advanced integrated cost-schedule risk analysis” and (2) where they want to be, what is their optimal level of risk analysis maturity. The levels of maturity are described: Unaware of cost or schedule risk Basic risk awareness Qualitative risk analysis Basic quantitative risk analysis Modern cost or schedule risk analysis Advanced integrated cost and schedule risk analysis This presentation does not drive organizations to achieve full cost-schedule integration (level 5) unless that is desired. Often some projects will require more or less risk analysis maturity depending on size, complexity, type of project or other criteria. ABOUT THE SPEAKER David T. Hulett, Ph.D., FAACE David Hulett, Ph.D. is the head of Hulett & Associates, LLC, a project risk analysis and management consultancy located in Los Angele, CA, USA. He was elected as a Fellow of AACE International in 2015 and received the Association’s Brian D. Dunfield Educational Service Award in 2018. Hulett & Associates has consulted with large organizations and government agencies in the United States, Canada, South America, Europe, Asia and the Middle East. The commercial customers are in several industries including oil and gas, chemicals, pharmaceuticals and vertical construction. Government clients include the US Department of Energy national laboratories, Government Accountability Office, Architect of the Capitol, National Science Foundation, Aerospace / defense and intelligence community agencies and the California Department of Transportation. Dr, Hulett has published two books on Practical Schedule Risk Analysis and on Integrated Cost Schedule Risk Analysis, and has had eight of his articles published in the AACE International Cost Engineering Journal. He has authored two of AACE International’s Recommended Practices on integrated cost-schedule risk analysis (57R-09) and Decision Tree modeling (85R-14). Previously, Dr. Hulett was employed by TRW (aerospace and defense), Tosco (an oil company with oil shale properties and technology), the US Department of Energy, Office of Management and Budget and Board of Governors of the Federal Reserve System. He was an Instructor in the Department of Economics of Harvard University. Dr. Hulett has earned an A.B. from Princeton University in the Woodrow Wilson School of Public and International Affairs and a Ph.D. from Stanford University in Economics.