Upcoming Events!

September Chapter Dinner - Project Cost Estimation Deep-dive by Palisade Corp.

September 12, 2018
5:30 PM - 9:00 PM

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Hotel 116 - Coast Bellevue
625 116th Ave NE,
Bellevue, WA 98004
https://www.coasthotels.com/
 Directions

SOLD OUT

 

Please join us for Puget Sound PMI's (Q3 - 2018) Chapter Dinner Meeting and keynote by Fernando Hernandez, Palisade, Inc, a Project Cost Estimation Deep-dive.

 

 

 

Fernando Hernandez
Senior Consultant and Trainer, Palisade Corp.

Fernando Hernández' areas of expertise are banking, finance, manufacturing, project evaluation, market forecasting, and pricing. Fernando currently owns and operates InfoMasters, a company geared towards training, consulting and developing financial applications and decision-making models for financial and manufacturing companies, using Microsoft Office and Palisade software. He has developed and taught courses including Intro to Corporate Finance, and Financial Simulation and Investment Decisions. Since 1992, he has created financial models, risk analyses and feasibility studies using @RISK. Fernando earned his licentiate degree in Finance Administration from the University of Costa Rica. As a Fulbright scholar, he completed his MBA at Indiana University majoring in Finance & MIS.


PROJECT COST ESTIMATION

In this deep-dive, we present here an integrated business case for calculating a simplified project cost estimation. There are many ways in which, in real practice, these project cost estimates are built. We propose a structure where the major components are categorized by activity. For simplification and training purposes, only ten activities are considered for quantifying the project estimates. Instead of activities, other cost estimation structures are possible: by department, functionality, material or service, etc.

Besides these activities that comprise project cost estimates, three additional contingent risks are incorporated in the risk register section. We use only three examples to show three different ways in which specific kinds of risk can be evaluated on a risk register quantitative model. In real practice, risk registers usually contain dozens of risks and opportunities categorized by all kinds of color-coded diagrams called, among other denominations, heat maps or risk maps. Some of these reporting structures have been criticized mostly by the fact that they do not carry along any financial or quantitative interpretation of risks.

The objective of presenting this example is to demonstrate a number of basic and intermediate tools from @RISK that are relevant to current practices used in the world of project management. The goal is to show how @RISK tools can be used to represent quantitative – not qualitative – risk analysis.

Event agenda:
5:15 – Registration open.
5.30 - 6:30 – Palisade keynote/ class Part 1
  • Introduction to @RISK and Monte Carlo Simulation
  • Schedule Risk Analysis/Project Cost Estimation using Microsoft Project & @RISK Part 1
6:30 – 7:30 - Networking hour and social game by Terry Schmidt
7:30 – Dinner served
7:30 - 7:45 - Chapter announcements
7:45 - 8:45 - Palisade keynote/ class Part 2
  • Schedule Risk Analysis/Project Cost Estimation using Microsoft Project & @RISK Part 2
  • Starbucks @RISK Discussion
  • Q&A
8:45 – 9:00 - Raffle and wrap up

Palisade offering a free extended trial to Puget Sound PMI Members. Visit our sponsor table or contact Ryan Meluch (rmeluch@palisade.com, 607-319-1210) for details.

@RISK: Advanced Risk Analysis for Microsoft Excel and Project
V7.5. Industrial Edition Trial
-Monte Carlo Simulation
-See many possible outcomes
-Understand the factors affecting the risk
-Make decisions with more information and more confidence

 

Dinner choices:
CHICKEN BREAST SUPREME
Special cut breast with drumette attached, grilled and served on a home-style stuffing with Chicken cream sauce

VEGAN CHICK’N PARMESAN
Lightly breaded vegan Chicken with Parmesan Breadcrumb crust and Pesto sauce

Dessert: Tiramisu Cheesecake

 

PDUs 2.00 (Suggested: Technical)

Notice of Photography and Liability Waiver:

Notice of Photography and Liability Waiver: By signing up or entering a Project Management Institute, Puget Sound Chapter (PSPMI) event or program, you agree to a Photography and Liability Waiver.  Read the full Notice here. Refunds only up to 7 days before start date of the event.

Tickets

$40.00 Member
$50.00 after 11:55 pm September 9
$35.00 Earlybird rate before September 5

$50.00 Non-Member
$55.00 after 11:55 pm September 9
$40.00 Earlybird rate before September 5