This recommended practice (RP) of AACE International (AACE) defines general practices and considerations for integrated cost and schedule risk analysis and estimating contingency using expected value methods.

This RP is intended to provide guidelines, not standards, for contingency estimating that most practitioners would consider to be good practices that can be relied upon and that would be recommend for use where applicable. There is a range of useful risk analysis and contingency estimating methodologies; this RP will help guide practitioners in developing or selecting appropriate methods for their situation.

This RP is an extension of 44R‐08, Risk Analysis and Contingency Determination Using Expected Value, that addresses using expected value methods only for cost. However, integrated cost and schedule methods are generally recommended; this RP for expected value methods, or 57R‐09, Integrated Cost and Schedule Risk Analysis Using Monte Carlo Simulation of a CPM Model, for CPM‐based methods.