Key processes necessary to identify and manage risks on complex infrastructure projects have been developed over the last 30 years to implement risk-based approaches for better cost and schedule estimation. Cost and schedule were mostly treated separately instead of being integrated into one model. This integration is highly relevant as schedule delays are often the root cause for severe cost overruns. The Project Risk Twin (PRT) process discussed in this paper considers the correct application of risk correlations, dependencies and linkage. This allows project proponents to determine more realistic risk-based costs and risk mitigation strategies. This paper presents a fully-integrated probabilistic cost and schedule model that provides a basis for better cost and schedule analysis on a management level. The application is based on proven approaches, i.e., the PRT process and RIAAT (software) resulting in a powerful tool for the management of complex risk environments.    «

Key processes necessary to identify and manage risks on complex infrastructure projects have been developed over the last 30 years to implement risk-based approaches for better cost and schedule estimation. Cost and schedule were mostly treated separately instead of being integrated into one model. This integration is highly relevant as schedule delays are often the root cause for severe cost overruns. The Project Risk Twin (PRT) process discussed in this paper considers the correct applicatio...    »