Estimating and Risk

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What is Estimating?

Estimating is the first step in defining the cost of a proposed project (or planned work) and the two main strands are:

Estimation -  Quantifiable evaluation of size, cost, effort, duration, etc based on project characteristics and historical data
Risk Evaluation - 

Analysis and contingency planning for the management of unexpected events

What is Risk Management?

Risk Management starts at the earliest stages of estimation with the evaluation of potential risks to (and issues affecting) the project. Mitigation strategies are developed to ameliorate the risks.

The project is then monitored to detect the status of each risk, triggering the mitigation strategies as required. It is also routinely monitored for additional risks (and issues) which were not identified earlier.

Why are they useful?

Accurate estimating and effective risk management are a matter of profit or loss. The most accurate estimates will lead to the lowest cost. Effective risk management mitigates the effect on those estimates of unexpected events.

Taking precautions against risks that may not happen is always going to be an additonal cost. However experience shows that almost all projects, particularly large or complex ones, run into delays and additional costs through unforseen events. Proper management of risks is a cost effective way to control or avoid these problems.

How do they work?

Estimating and Risk Management consider all of the elements that could possibly impact on the project, from people and processes (both internally and externally) to risk from political and economic changes. GIFPA services include:

Click here for training courses in Estimating and Risk.

How are these services related?

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