Technical News–Recommended Practices
10S-90, Cost Engineering Terminology has been revised.
Changes in this revision:
- CALIBRATION (new)
- CHANGE DIRECTIVE (new)
- CONTINGENT RISK RESPONSE (revised)
- EARNED VALUE MANAGEMENT [SYSTEM] (EVM[S]) (revised)
- MANAGEMENT RESERVE (revised)
- RISK RESPONSE (revised)
- RISK TREATMENT (revised)
- WORK DIRECTIVE CHANGE (revised)
This particular RP is free to both AACE members and non-members.
https://web.aacei.org/resources/publications/recommended-practices
Four risk quantification RPs have been published.
- 42R-08, Risk Analysis and Contingency Determination Using Parametric Estimating [Revision]
- 44R-08, Risk Analysis and Contingency Determination Using Expected Value [Revision]
- 65R-11, Integrated Cost and Schedule Risk Analysis and Contingency Determination Using Expected Value [Revision]
- 113R-20, Integrated Cost and Schedule Risk Analysis and Contingency Determination Using Combined Parametric and Expected Value [New]
The first three are revisions to existing published RPs, with the inclusion of additional information and examples. 113R-20 is new. All four RPs are inter-related and cross reference each other.
These RPs are free to AACE members. (Non-members may purchase these at USD 100 each.)
https://web.aacei.org/resources/publications/recommended-practices
Subcommittee review drafts of 41R-08 and RM-33.
Recommended Practice 41R-08, Understanding Estimate Ranging (formerly “Risk Analysis and Contingency Determination Using Range Estimating”), and RM-33, Cost Risk Analysis and Contingency Determination Using Estimate Ranging for Inherent Risks with Monte Carlo Simulation have been posted in the Decision and Risk Management Subcommittee Community for review and comment until July 12, 2021.
A direct link to the community post is:
Please note that, unless you are already a member of this community, you need to join it (top-right hand corner) in order to provide comment.