All projects are surrounded by risks and opportunities and it is essential that these are identified and assessed when evaluating the appropriate level of contingency. Our contingency assessment process is based on proven industry standard practices. Depending on the client’s requirements, we use either deterministic or probabilistic based analysis to evaluate project contingency.
When probabilistic assessment is required, our Monte Carlo based software provides an assessment of contingency, accuracy range of the estimate and sensitivity analysis. We work closely with the project team to identify and quantify risk/opportunities which form the inputs for the Monte Carlo simulation. Clients can be confident that risks and opportunities have been appropriately considered in the contingency allowance.