Houghton Associates, Inc. establishes and supports program-level risk management programs. This includes risk management program implementation, conduct of risk assessments, and probabilistic risk analysis. This expertise extends to the development of risk-adjusted cost estimates which include
Data-based probability distributions for cost estimate building blocks
Analysis of the impact of correlations between cost elements
Monte Carlo simulation of program-wide cost uncertainty based on a build-up of probability models – this includes extensive experience with @RISK and @RISK for Project in modeling uncertainty in cost, benefits, and schedule.
Assessment and analysis of long-term programmatic risks
Risk mitigation cost estimates
Program schedules with risk-based probability models for delivery dates, critical dependencies, and labor requirements