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Meeting Room: How to Calculate "Management Reserve Fund"
2017-03-07 20:05:23
PCC
Date: 2017-04-21
Time: 12:00 PM – 1:30 PM (UTC-07:00) Mountain Time (US & Canada)
Location: Bow Valley Square, 205 5 Avenue SW, Calgary, AB T2P 3G6
Price: FREE


NOTE THAT THIS IS THE MEETING ROOM SESSION

PRESENTATION DESCRIPTION:

When quantitative risk analysis is performed for project cost contingency in capital project world, discrete risks are often ignored as focuses are often on risky items with the "continuous distribution". Those independent, uncorrelated and rare-event driven risks, however, often than not are the culprits that throw the projects upside down. To compensate and to increase the probability of project success, the Management Reserve Fund hence is generated in addition to project contingency.

How to properly capture the effects of those discrete risks and their impacts on projects' outcome, what methodology should be used to document and simulate these types of risks are the combination of arts and sciences. This set of presentation provides illustrations with real case studies to showcase the methods and techniques for this application.

SPEAKER

About John Zhao, MSc:

With a total of 28 years' experience in the industry of petrochemical and oil & gas, John had spent 8 years with international contractors in Middle East, 7 years with some renowned EPC firms in Canada and past 13 years with oil & gas owner companies before he set up his own consulting practices (Riskcore Ltd.) in 2016. His experiences included lump-sum bidding, field engineering, contracts management, cost engineering, PMO and risk management.

Holding MSc. (Distinction) and BSc. (Honors) from England, John built the proprietary RISCORTM model and has presented on the world stages in various conferences, including talks at Canadian Institute conferences, SPE in Denver, Palisade in London and Miami, IQPC in Abu Dhabi and AACE in Las Vegas & New Orleans.


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