Description

About AACE International Professional Guidance Documents:
AACE International professional guidance documents (PGDs) provide roadmaps to improve use and understanding for collections of related recommended practices. They provide clarification on their purpose, function, context, and inter-relationships.

About this Professional Guidance Document:
QRA covers a broad set of practices used primarily to quantify uncertainty and risks in a way that supports asset planning and investment, decision analysis, change management decisions, and cost and schedule contingency, reserves, escalation and other phased project funding and control basis determinations.
This PGD covers fundamental QRA recommended practices, such as for selecting probability density functions as well as highlighting key QRA terms as defined in AACE RP 10S-90, Cost Engineering Terminology.