Palisade Corporation, a global leader in risk and decision analysis software and the maker of @RISK and the DecisionTools Suite, has included a case study on their website highlighting SMA’s use of @Risk on LRT projects in the City of Edmonton:

This goal was challenging, as any construction project is rife with a variety of unknowns: weather variability, fluctuations in worker productivity, changes in material costs, or broad shifts in the overall market. With all of these uncertainties at play, how can project managers pull it all together to determine interrelationships between cost, schedule and risk? Traditionally, project planners estimate a single, static point for the risk level on each uncertainty—but this does not accurately portray reality.

SMA’s team took a more nuanced approach, looking to create a distribution of possibilities to demonstrate the true likelihood of certain risks materializing and their probable impacts.

To read the whole case study, visit: http://www.palisade.com/cases/SMAEdmonton.asp.