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ProjectCentric is a project management consultancy and training provider that assists companies worldwide to achieve repeatable project success. We pride ourselves in providing best practice project management services that enable our clients to realise business benefits through the delivery of successful projects.
ProjectCentric is the international extension of ProjectLink www.projectlink.co.za.
With over 26 years of experience, our consultants enhance our clients’ project delivery capabilities by supplying project management and consulting services across all industries and diverse types of projects.
Dive into our full range of services
In a Quantitative Risk Assessment (QRA) we use mathematical and statistical models to quantify the drivers of variations in costs and time estimates.
A QRA is a probabilistic numerical analysis of project risks. It provides a measure of the risk that a project is exposed to. The aim of a QRA is to determine time and cost values that represent risk. These risk values are referred to as contingencies. The analysis is typically done with a Monte Carlo simulation, but other analytical and numerical methods are sometimes used.
Level of
Project Definition
Estimate
Accuracy
Project-Specific
Risks
Economic
Risks
Systemic
Risks
Each of these risk areas contribute to the level of confidence the project team has in the project’s cost estimate, schedule, and business case. The results from the QRA give decision-makers a probabilistic view of the project cost and time outcomes.
The CAPEX result gives the probability of meeting specific cost target values as well as the remaining value of the risk that is not provided for at a particular budget value. The schedule result gives the probability of completing the project within a specific duration but also reports the potential schedule overrun that remains at risk. The business case results give the probability of exceeding minimum feasible criteria for the projects financial parameters.
At the end of the QRA, decision-makers will have clear probabilistic numerical indicators of the time and cost contingencies as well as the business case feasibility.
A schedule QRA numerically assesses project schedule risk. The result of a Schedule QRA gives the probability of completing the project within a specific duration and reports the potential schedule overrun that remains at risk. The potential overrun is expressed in numerical terms as it contributes to capital estimate contingency to be provided for.
Enhancing the business financial model with Monte Carlo simulations is an effective way of investigating the future and enable powerful decision making. Monte Carlo simulations enable decision makers to set various scenarios and see a whole range of possible outcomes, from the worst case to the most optimistic. Real world data can be used to create complex distributions, which can be used when building scenarios to assess the impact on the project’s financial parameters. The number of scenarios that can be examined is endless, compared to the limited scenarios which can be expressed with the traditional method of sensitivity analyses.
The purpose of the CAPEX QRA is to quantify the variation associated with the quantities, unit rates, and risks of a project capital estimate. Variation in the quantities is directly associated with the design and engineering maturity for the project. Variation in the unit rates results from the type of pricing that was done for project. In addition to the quantity and unit rate variations, risks from the project risk register are also incorporated in the CAPEX QRA. These risks may lead to event-specific variations in the project cost. These three sources of variation are combined in a Monte Carlo simulation to get a probability distribution of the possible cost of the project.
Enhancing the business financial model with Monte Carlo simulations is an effective way of investigating the future and enable powerful decision making. Monte Carlo simulations enable decision makers to set various scenarios and see a whole range of possible outcomes, from the worst case to the most optimistic. Real world data can be used to create complex distributions, which can be used when building scenarios to assess the impact on the project’s financial parameters. The number of scenarios that can be examined is endless, compared to the limited scenarios which can be expressed with the traditional method of sensitivity analyses.
The purpose of the CAPEX QRA is to quantify the variation associated with the quantities, unit rates, and risks of a project capital estimate. Variation in the quantities is directly associated with the design and engineering maturity for the project. Variation in the unit rates results from the type of pricing that was done for project. In addition to the quantity and unit rate variations, risks from the project risk register are also incorporated in the CAPEX QRA. These risks may lead to event-specific variations in the project cost. These three sources of variation are combined in a Monte Carlo simulation to get a probability distribution of the possible cost of the project.
A schedule QRA numerically assesses project schedule risk. The result of a Schedule QRA gives the probability of completing the project within a specific duration and reports the potential schedule overrun that remains at risk. The potential overrun is expressed in numerical terms as it contributes to capital estimate contingency to be provided for.
Inputs to the QRA are; the project risk register, the CAPEX and OPEX estimates, the project schedule, and the project’s Work Breakdown Structure (WBS).
The primary output is a QRA report, which could, in turn, necessitate another iteration of the process, including refined QRA input parameters.
At the end of the QRA process, the results are applied to the project business case to confirm that the project is still viable if the agreed contingencies are applied.
Project reviews give an independent and objective reflection of the technical and project deliverables of a project. The main advantage is that it removes optimism bias and verifies the assumptions that were made during the project design and planning process.
Our Independent Project Review offering is designed to be fit-for-purpose and can be scaled to accommodate any size and complexity of project.
Organisations that perform large capital projects, within strict approval frameworks, stand to benefit most from Independent Project Reviews. It is important to understand that a project review is a means to an end; ultimately, the objective is assurance about the project’s likelihood of success, and the project review is an ideal method for gauging this.
Our reviews compare your project artefacts to standards of international organisations such as the AACE, PMI®, APM, and CII.
Project reviews provide assurance to investors that due processes, including best practices, good governance, and sound logic are followed in performing of the project. It also ensures that the project is adequately set up to progress to subsequent stages or phases. The focus of the review is on project integration, successful execution, and optimal post-project operations.
Project reviews include considerations such as most appropriate courses of action, opportunities to exploit, and general project management efficiency enhancement. The review also informs other possible interventions for the client to consider such as the establishment of a PMO, organisational structuring, training, policies and procedures, etc
Reviews require periodic, formal interaction between stakeholders, typically called “setting-up-for-success” sessions. Team members responsible for components of the project interact with reviewers during such sessions, present their deliverables, and indicate which improvements or alterations were made since the previous interaction.
The review team keeps a thorough record of documents reviewed, risks and issues identified prior to and during interactions, as well as the impact of mitigations or enhancements implemented by the team members. This process is iterative and results in a draft review report which includes a thorough audit trail of the rectifications and improvements, with specific emphasis on any gaps that remain. If, at any time in the process, a fatal flaw is identified, it is immediately brought to the attention of the relevant stakeholders.
The team is afforded the opportunity to respond to the draft report and make final adjustments to the applicable project management deliverables and interim product deliverables. Following this, a final report is submitted to the decision-makers, in which specific recommendations are made regarding continuation of the project.
Project Risk Management is more than just a simple risk register with a probability and impact analysis. It is planning how risk management will be done, identifying and analysing the risks, planning and implementing the appropriate responses for each risk, and monitoring risks as an iterative process.
Effective risk management is central to high-quality decision-making on projects. Simple risk registers with probability and impact analysis add very little value to pro-active and results-driven risk management, and consistently fail to mitigate risks. Our experience is that traditional risk register methods, despite being structured approaches, often allow for many risks to slip through the cracks.
Interactive Risk Workshops
Bow-tie
Analysis
Decision
Tree Analysis
Risk Proximity
Charts
System based Risk Assessments
Root Cause
Analysis
The PDRI is a powerful, easy-to-use tool that identifies and precisely describes each critical element in a scope definition package. By using the PDRI method, teams can identify mitigation action items and evaluate the completeness of scope definition at any point prior to detailed design and construction. The PDRI was developed by the Construction Industry Institute (CII) in conjunction with the University of Texas at Austin. ProjectCentric has performed PDRI assessments on more the 200 capital projects over the past 6 years.
ProjectLink developed a proprietary model, based on our own research, to assess the systemic risks of projects. Systemic risks are usually not captured in the risk register and include factors such as optimism bias, the socio-economic environment, decision-making processes, contracting models, project complexity, etc. The systemic risk assessment scores the critical factors of a checklist and compares them to parameters calculated from historical projects, to give estimated cost and time contingencies.
The PDRI is a powerful, easy-to-use tool that identifies and precisely describes each critical element in a scope definition package. By using the PDRI method, teams can identify mitigation action items and evaluate the completeness of scope definition at any point prior to detailed design and construction. The PDRI was developed by the Construction Industry Institute (CII) in conjunction with the University of Texas at Austin. ProjectCentric has performed PDRI assessments on more the 200 capital projects over the past 6 years.
ProjectLink developed a proprietary model, based on our own research, to assess the systemic risks of projects. Systemic risks are usually not captured in the risk register and include factors such as optimism bias, the socio-economic environment, decision-making processes, contracting models, project complexity, etc. The systemic risk assessment scores the critical factors of a checklist and compares them to parameters calculated from historical projects, to give estimated cost and time contingencies.
The Applied Project Management (APM) course serves as an introduction or refresher to project management. This course provides participants with a thorough overview of best practices in the field of project management and teaches hands-on project management techniques. The knowledge and skills gained in the course can be applied in any project environment, as the course is not industry specific.
6 Weeks
25 July – 31 August
The Applied Project Management (APM) course serves as an introduction or refresher to project management. This course provides participants with a thorough overview of best practices in the field of project management and teaches hands-on project management techniques. The knowledge and skills gained in the course can be applied in any project environment, as the course is not industry specific.
6 Weeks
25 January– 29 February 2024
The Applied Project Risk Management (APRM) course is an introductory level course that gives participants a thorough overview of project risk management best practices and teaches hands-on project risk management techniques. The knowledge and skills gained on the course can be applied in any project environment, as the course is not industry specific. The aim of the course is to teach participants to proactively identify, define, and qualify risks, and plan and execute appropriate risk response strategies and plans.
5 Weeks
31 October - 5 December
The Applied Project Risk Management (APRM) course is an introductory level course that gives participants a thorough overview of project risk management best practices and teaches hands-on project risk management techniques. The knowledge and skills gained on the course can be applied in any project environment, as the course is not industry specific. The aim of the course is to teach participants to proactively identify, define, and qualify risks, and plan and execute appropriate risk response strategies and plans.
5 Weeks
31 October - 5 December
Microsoft® Project 2019 E-Learning Course aims at providing participants with sufficient knowledge about the working and features of the Microsoft Project software to manage and track project schedules in the day-to-day project environment. It provides participants with working knowledge of the software which will allow them to create new projects, add resources, link dependencies, as well as track the project. The course also teaches industry best practices for setting-up schedules.
2 Weeks
25 May - 8 June
5 - 19 September
Microsoft® Project 2019 E-Learning Course aims at providing participants with sufficient knowledge about the working and features of the Microsoft Project software to manage and track project schedules in the day-to-day project environment. It provides participants with working knowledge of the software which will allow them to create new projects, add resources, link dependencies, as well as track the project. The course also teaches industry best practices for setting-up schedules.
2 Weeks
25 May - 8 June
5 - 19 September
The Applied Planning & Scheduling (AP&S) course is an e-learning course that is primarily aimed at project management practitioners that are responsible for, or directly involved with, the developing and controlling of project schedules. This course teaches participants planning & scheduling best practices and hands-on techniques that should be applied in a project schedule.
8 Weeks
11 October - 6 December
The Applied Planning & Scheduling (AP&S) course is an e-learning course that is primarily aimed at project management practitioners that are responsible for, or directly involved with, the developing and controlling of project schedules. This course teaches participants planning & scheduling best practices and hands-on techniques that should be applied in a project schedule.
8 Weeks
11 October - 6 December
The Earned Value Management course teaches participants the necessary skills to use Earned Value principles and calculations on projects to develop quantitative performance data to control projects and make informed decisions about the project. Participants will learn how to track past performance and forecast project schedule and cost outcomes. The results will aid participants in deciding when corrective actions are required to keep their projects on track.
5 Weeks
23 August - 27 September
The Earned Value Management course teaches participants the necessary skills to use Earned Value principles and calculations on projects to develop quantitative performance data to control projects and make informed decisions about the project. Participants will learn how to track past performance and forecast project schedule and cost outcomes. The results will aid participants in deciding when corrective actions are required to keep their projects on track.
5 Weeks
23 August - 27 September
The course enables candidates to develop professionally, increase their project management skills, apply a formalized and standards-based approach to project management, and seek career advancement by moving into a formal project manager job role, as well as to apply for the Project Management Institute, Inc. (PMI)® Project Management Professional (PMP)® certification. ProjectLink Holdings (Pty) Ltd is an Authorized Training Partner of the Project Management Institute, Inc. (PMI)®.
5 Weeks
7 July - 11 August
The course enables candidates to develop professionally, increase their project management skills, apply a formalized and standards-based approach to project management, and seek career advancement by moving into a formal project manager job role, as well as to apply for the Project Management Institute, Inc. (PMI)® Project Management Professional (PMP)® certification. ProjectLink Holdings (Pty) Ltd is an Authorized Training Partner of the Project Management Institute, Inc. (PMI)®.
5 Weeks
7 July - 11 August
The Certified Cost Professional exam preparation course assists eligible candidates to pass the AACE® International Certification exam, including the associated technical paper. Although the primary target audience is eligible candidates who aspire to achieve the coveted CCP® credential, it is also suitable for candidates who are not yet eligible and are aiming towards the Certified Cost Technician (CCT®) credential instead.
6 Weeks
14 August - 25 September
23 October - 4 December
The Certified Cost Professional exam preparation course assists eligible candidates to pass the AACE® International Certification exam, including the associated technical paper. Although the primary target audience is eligible candidates who aspire to achieve the coveted CCP® credential, it is also suitable for candidates who are not yet eligible and are aiming towards the Certified Cost Technician (CCT®) credential instead.
6 Weeks
14 August - 25 September
23 October - 4 December
6 Weeks
25 January– 29 February 2024
8 Weeks
11 October - 6 December 2023
5 Weeks
7 March - 17 April 2024
5 Weeks
26 January - 23 February 2024
6 Weeks
12 February - 8 April 2024
5 Weeks
27 February - 2 April 2024
2 Weeks
7 November - 21 November 2023
Senior Consultant
Senior Consultant
Senior Consultant
1 Dundas St West, Suite 2500, Toronto, ON, M5G 1Z3
Senior Consultant
THE OPEN UNIVERSITY
AACE® INTERNATIONAL
PROJECT MANAGEMENT INSTITUTE (PMI)®
SKEMA Business School
SKEMA Business School
AACE® International
Project Management Institute (PMI)®
Office of Government Commerce
Office of Government Commerce
Project Management Institute (PMI)®
Senior Consultant
University of Pretoria
University of Pretoria
Project Management Institute (PMI)®
Project Management Institute (PMI)®
Senior Consultant
Project Management Institute (PMI)
Project Management Institute (PMI)®
University of Pretoria
University of North West
The Applied Project Management (APM) course serves as an introduction or refresher to project management. This course provides participants with a thorough overview of best practices in the field of project management and teaches hands-on project management techniques. The knowledge and skills gained in the course can be applied in any project environment, as the course is not industry specific.
Six weeks
25 January– 29 February 2024
The Applied Planning & Scheduling (AP&S) course is an e-learning course that is primarily aimed at project management practitioners that are responsible for, or directly involved with, the developing and controlling of project schedules. This course teaches participants planning & scheduling best practices and hands-on techniques that should be applied in a project schedule.
Eight weeks
11 October - 6 December 2023
The Earned Value Management course teaches participants the necessary skills to use Earned Value principles and calculations on projects to develop quantitative performance data to control projects and make informed decisions about the project. Participants will learn how to track past performance and forecast project schedule and cost outcomes. The results will aid participants in deciding when corrective actions are required to keep their projects on track.
Five weeks
7 March - 17 April 2024
The course enables candidates to develop professionally, increase their project management skills, apply a formalized and standards-based approach to project management, and seek career advancement by moving into a formal project manager job role, as well as to apply for the Project Management Institute, Inc. (PMI)® Project Management Professional (PMP)® certification. ProjectLink Holdings (Pty) Ltd is an Authorized Training Partner of the Project Management Institute, Inc. (PMI)®.
Five weeks
26 January - 23 February 2024
The Certified Cost Professional exam preparation course assists eligible candidates to pass the AACE® International Certification exam, including the associated technical paper. Although the primary target audience is eligible candidates who aspire to achieve the coveted CCP® credential, it is also suitable for candidates who are not yet eligible and are aiming towards the Certified Cost Technician (CCT®) credential instead.
Five weeks
12 February - 8 April 2024
The Applied Project Risk Management (APRM) course is an introductory level course that gives participants a thorough overview of project risk management best practices and teaches hands-on project risk management techniques. The knowledge and skills gained on the course can be applied in any project environment, as the course is not industry specific. The aim of the course is to teach participants to proactively identify, define, and qualify risks, and plan and execute appropriate risk response strategies and plans.
Five weeks
27 February - 2 April 2024
Microsoft® Project 2019 E-Learning Course aims at providing participants with sufficient knowledge about the working and features of the Microsoft Project software to manage and track project schedules in the day-to-day project environment. It provides participants with working knowledge of the software which will allow them to create new projects, add resources, link dependencies, as well as track the project. The course also teaches industry best practices for setting-up schedules.
Two weeks
7 November - 21 November 2023
