Project Risk and Contingency Analysis

The current version of the PRA program is 2.1 and it operates under Windows 98, NT4.0, Windows 2000 and Windows XP.Katmar Software`s Project Risk Analysis program (PRA) enables the capital risks on projects to be evaluated, and calculates the financial contingency required to cover those risks in a rational and defendable manner. Too often the project contingency is guesstimated as a "gut feel" amount, without much consideration for the real risks involved. The Procedure followed in PRA encourages disciplined estimating, and calculates the required contingency using the proven statistical method known as Monte Carlo Simulation.Although PRA uses sophisticated statistical techniques, it has been written for project professionals who are more at home with estimating and costing than with statistics. All the statistical models and distributions required have been specifically set up for contingency analysis and no knowledge of statistics is required. A tutorial on using statistical distributions in capital cost estimating is included in the manual. The full manual is included with the downloadable version in MS Word v97 format.The results calculated by PRA can be displayed in easy-to-read graphical formats that quickly and effectively give the Estimator an overall appreciation of the risks. These graphs are also ideal as support documentation for presentations to senior management in the justification of requests for contingency funds. The results are also available in detailed tabular format.