Level: Basic
TCM Section(s):
11.3. Information Management
7.6. Risk Management
Venue: 2023 AACE International Conference & Expo
Abstract: This is a presentation of basic statistic and probability fundamentals that all project controls and cost engineering personnel should be familiar with.The presentation will illustrate basic statistical analysis and the three common forms of central tendency; as well as when you should use one measure of central tendency versus another. The presentation will then discuss probabilities and various forms of probability distributions. The presentation will illustrate various forms of probability distributions that are often used with Monte Carlo simulation (such as for estimate contingency determination), and the impact of choosing one form of probability function versus another.
TCM Section(s):
11.3. Information Management
7.6. Risk Management
Venue: 2023 AACE International Conference & Expo
Abstract: This is a presentation of basic statistic and probability fundamentals that all project controls and cost engineering personnel should be familiar with.The presentation will illustrate basic statistical analysis and the three common forms of central tendency; as well as when you should use one measure of central tendency versus another. The presentation will then discuss probabilities and various forms of probability distributions. The presentation will illustrate various forms of probability distributions that are often used with Monte Carlo simulation (such as for estimate contingency determination), and the impact of choosing one form of probability function versus another.