ULC Course Description

Cost Risk Analysis BASIC
Control Number: 220
Course Number: 35CRA01A
CEUs: 0.0     PDHs: 0.0     LUs: 0.0     PDUs: 0.0     CMs: 0.0     ACE: 0.0     CEHs: 0.0
This course provides training on basic cost risk analysis principles and fundamentals. The training is intended for the Cost Engineering professional with little or no cost experience in cost risk analysis techniques who will be responsible for the review or preparation of construction contingencies for Civil Works, MILCON and Environmental Remediation cost estimates.

This is a computer-based course, and is designed to provide a solid introduction to the theory and application of risk analysis problems involving multiple numeric uncertainties (e.g. budget to detailed cost estimating, contingency analysis, and competitive bidding) and demonstrate why risk analysis is necessary, and how to mitigate the probability of having a cost overrun. Through the use of lectures, visual aids, individual and group practical exercises, the course will provide instructions on: (a) procedures and cost engineering regulations regarding the use of cost risk analysis, (b) basic statistics (c) data gathering, (d) uncertainties identification and quantification, and (e) interpretation and use of the results. This course will discuss, and provide familiarization and hands on training of the computational tool, Crystal Ball. Crystal Ball is the Corps required software for preparing risk analysis for contingency development.

Nominees must be assigned (a) Occupational series: 0800; 0802; 0807; 0808; 0810; 0830; 0850; 1301; 1350; (b) Grade: GS-09 and above, and have completed the Cost Estimating Basics course; (c) Other nominees must obtain CECW-CE approval before attending this course. A pocket calculator and laptop computer with Microsoft Excel and Oracle Crystal Ball is required for this class. Proficiency with Microsoft Excel is required.


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