ModelRisk Intro Training

ModelRisk Intro Training

Session 1: Foundations of Quantitative Risk Analysis (QRA) 

Introduction to Quantitative Risk Analysis (QRA): Understand the basics of QRA and its importance in decision-making.

Introduction to Monte Carlo Simulation: Learn the basics of Monte Carlo simulation and its application in risk analysis.

Exploring Basic Distributions: Learn about the key distributions used in risk analysis, including Normal, Uniform, PERT, and Triangular distributions.

Selecting the Right Distribution: Discover how to choose the appropriate distribution for your data and scenarios.

Building a Basic Cost Model: Get hands-on experience in constructing a simple cost model to estimate project expenses.

Understanding Uncertainty and Sensitivity: Delve into the concepts of uncertainty and sensitivity analysis in risk models. 

Session 2: Risk Events Modeling Techniques 

Risk Events and Their Impact: Understand how to identify and evaluate risk events in your projects.

Configuring a Risk Register: Learn how to set up and maintain a risk register to track and manage risks.

Evolving a Basic Cost Model: Enhance the cost model from Day1 by incorporating risk events and uncertainties.

Calculating Contingency Reserves: Discover how to calculate contingency reserves to cover potential cost overruns.

Interpreting Results for Decision-Making: Learn how to interpret the results of your risk analysis for informed decision-making.

Best Practices in ModelRisk: Gain insights into the best practices for using ModelRisk software effectively. 

Join our ModelRisk Intro Training to gain practical skills and insights into quantitative risk analysis, enhancing your ability to make informed decisions in uncertain environments.