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NEW RP – 118R-21: Cost Risk Analysis and Contingency Determination Using Estimate Ranging for Inherent Risks with Monte Carlo Simulation

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This recommended practice (RP) defines general practices and considerations for inherent cost risk analysis and estimating contingency using a cost estimate ranging analysis with the Monte Carlo simulation (MCS) method. The method is only recommended for quantifying inherent cost uncertainty when the project scope is well-defined (i.e., Class 3 or better) and when the project has no new technology and minimal complexity. In all cases, the method is not to be used alone when there are significant project-specific risks (e.g., contingent risks or events). The method is applicable to two situations…

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AACE Introduces Ken Cressman – Online Learning Subcommittee Chair

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Mr. Cressman joined AACE in 1982. He has served on Section Boards, as well as the AACE Board of Directors. He obtained the CCE in 1982 and the EVP in 2012. He has served as the Vice President of TEC, as well as a local section president, VP, and treasurer. Mr. Cressman was the initial sponsor of the Rising Professionals Committee. He is currently a member of the Education Board…

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New AACE Recommended Practice Fills Gap in Quantitative Risk Analysis Maturity Model

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This recommended practice (RP) of AACE International (AACE) defines a quantitative risk analysis (QRA) maturity model (QRAMM) for assessing the level of capability for quantifying the uncertainty and risks associated with projects, programs, and portfolios within the risk management (RM) function of a capital investment or project management organization. Maturity models for general risk management are widely published, but less common for the QRA step of RM processes such as presented in Chapter 7.6 of the AACE Total Cost Management (TCM) Framework. This RP is intended to fill that gap…

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Deb Lally: Put the People First

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When I was a kid, I loved going into work with my mom. I would empty out the backgammon case and use that as my briefcase (hey, it was the 80s). I couldn’t wait to have a career, but I didn’t know “why” until I discovered association management. By their very nature, not-for-profit associations exist to help improve an industry and those in the profession. I love that. Leading a mission driven organization grounds both members and staff in the purpose of the work. Since I started at AACE, I’ve asked “why” a lot. It’s sparked a lot of conversation around how we work and how we could serve members even better. And that all starts with developing ourselves…

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Aldo Dorea Mattos, CCP PSP FAACE Named Fellow of AACE International

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The AACE International Board of Directors recently approved the nomination of Aldo Dorea Mattos, CCP, as a 2023 Fellow of AACE International. The membership grade of Fellow is a selective and prestigious honor for the recipients. Approval of Fellow is in recognition of professional attainment and significant accomplishment in cost management or cost engineering…

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Christopher P. Caddell, PE CCP DRMP Named Fellow of AACE International

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The AACE International Board of Directors recently approved the nomination of Christopher P. Caddell, PE CCP, as a Fellow of AACE International. The membership grade of Fellow is a selective and prestigious honor for the recipients. Approval of Fellow is in recognition of professional attainment and significant accomplishment in cost management or cost engineering…

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Restoring a Milwaukee Gem

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On the weekend of May 16-17, 2020, downtown Milwaukee’s Public Service Building (PSB) suffered severe steam damage after heavy rainfall infiltrated the tunnel system housing the piping used to distribute steam across the city. Millions of gallons of rainwater entered the tunnel system, damaging conduits and pipe insulation that caused the system to fail in two critical spots – one of them being the basement of the PSB. As a result, steam pressure blew off the access door to the basement, manhole covers were blown off along downtown streets, and steam and water affected all levels of the building. Steam permeated through the HVAC system, causing elevators, electrical equipment, carpeting, furniture, ceiling tiles, light fixtures, historical marble, ornate woodworking, and much more to take on insurmountable damage. It was nothing short of a disaster…

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AACE Announces Avinash Gaikwad As Our Incoming Chair of the Contract Management Subcommittee

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AACE is happy to announce Avinash Gaikwad as our incoming Chair of the Contract Management Subcommittee. Avinash Gaikwad has 23+ years of experience with construction projects in India, the UK, and the Middle East. He specializes in expert determination, mediation, arbitration to construction, built asset commercial disputes, and acts as expert witness by instruction from client’s solicitors…

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Editor Thought He Wanted to be an Architect but Hated the Math

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My original career interest was to become an architect, but math never came easy for me. With a mental block to math, I next considered psychology but did not care for it being so theory-based. My college advisor was the director of public relations. As I observed and learned of the work he was doing, I decided that it was a career option for me…

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