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  1. During today's webinar on Australian Capital Projects – Risk Management, Project Controls and COVID-19 Pedram Danesh-Mand mentioned some useful references for calculating contingency and escalation in projects. I've posted them here for easy reference. Risk Engineering Society Contingency Guideline: https://rebok.engineersaustralia.org.au/search/?q=contingency&quick=1 Australian Government Cost Estimation Guide: https://investment.infrastructure.gov.au/about/funding_and_finance/cost_estimation_guidance.aspx Pedram also mentioned some guidelines for escalation from the AACEI,
  2. Introduction In order to effectively manage the risks associated with complex, high profile projects, project managers need a set of tools tailored to a project context. Project management decision-making, including the level of contingency set aside for budget and schedule overruns, can be affected by the cognitive biases of stakeholders. Several well-established project management frameworks have risk management modules which can provide project managers with guidance in this area. Elements of project risk management Typical elements of a project risk management fram
  3. These two articles are examples of the application of Generative Techniques in innovative projects to help realise Opportunity Risks resulting in acceptable outcomes. University of Woolongong Researchers from the University of Wollongong (UOW)’s Translational Research Initiative for Cell Engineering and Printing (TRICEP), ARC Centre of Excellence for Electromaterials Science and UOW’s Makerspace worked together to design a face shield to protect medical workers. “We are looking at our capac
  4. Introduction Strategic maintenance management is essential to maintain the integrity of physical assets and ensure business survival and success. An effective way to support strategic maintenance management is through a risk-based approach. Risk-based maintenance originated in the 1980s and 1990s and has received a recent boost in interest from companies putting in place robust performance standards to avoid catastrophic equipment failures. An additional driver is that many companies are adopting asset management standards ISO 55000:2014, 55001:2014 and 55002:2014. These standar
  5. Introduction Resilience can be defined as the ability of a system to respond to rapid changes in a positive manner. A particular challenge for complex projects is building the maturity of internal control systems to increase resilience in the event of uncertainty and unpredictable risks. Challenges As the world becomes more dynamic and volatile, proponents of a resilience approach to risk management maintain that rather than finding ways to predict risks, risk practitioners need to focus on innovating in the area of building organisation-wide resilience to unpredictable risks.
  6. Introduction Project teams can be subject to different kinds of cognitive biases, including: optimistic estimates of budgets and timelines, or social or political pressure to meet particular targets. This can lead to setting aside unrealistically low project contingencies, or allocations of budgetary or time resources in addition to the base estimate or schedule, to allow for inherent or contingent risks at the desired confidence level. Cognitive bias can be defined as peoples’ deviation from rational judgement to draw illogical conclusions. In some cases, cognitive biases may lead t
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