Developing accurate cost estimates for highway projects is challenging, especially during the early stages of project development. Funding availability, incomplete or changing designs, unknown utilities, construction complexity, including material and labor shortages, not to mention the bidding environment when a contractor is selected to construct the project. Agencies have traditionally used a deterministic based contingency to account for the estimate unknowns. However, while a deterministic contingency might be suitable for lower-cost, non-risky projects, it often underestimates the actual risks to higher-cost, more complex projects. To estimate a more reliable contingency, project managers and estimators are considering probabilistic methods based on a project's unique risk profile.

The probabilistic risk-based estimating (PRBE) approach allows the analyst to develop contingencies based on a project's distinctive characteristics, including uncertainties and risks. In addition to validating the base estimate, PRBE enables the estimator to set project budgets and schedules that consider project risks and the Agency's tolerance for project cost and schedule overrun. PRBE also provides the project manager with critical insights to make more informed, rational decisions about managing the risk that directly impacts the project's budget and schedule objectives. The FHWA PRBE Workshop provides students with a review of PRBE concepts and processes and simulation software so they can evaluate project budgets and schedules.

The goal of the workshop is so that students will be able to explain PRBE fundamental concepts, describe the process, and correctly apply the PRBE application tool to analyze project costs and schedules. The workshop utilizes both virtual and onsite formats to provide students with the best overall experience.

The PRBE workshop aims to develop a reliability-based estimate and identify significant risks to project budgets and schedules.

The PRBE application tool is available to students who attend the onsite workshop. The tool includes many advanced features to help the PRBE analyst quickly analyze a project budget and schedule. The risk model and formula are already set up for the user. Only basic project structuring is required to perform an analysis.

This training will interest cost estimators, risk managers, project managers, consultants, and those responsible for developing estimates or managing highway projects.

The pre-requisite to the PRBE workshop is the PRBE eBook NHI course No 134205. Students MUST complete this free training before the Virtual Pre-Training event and prior to taking the FHWA workshop. There is NO cost for the FHWA workshop and simulation software.

The virtual piece of the workshop is arranged prior to the onsite training and provides an overview of the basic concepts and processes presented in the eBook training. This overview is necessary because eBook training is an independent study, and an instructor is not provided. This virtual presentation provides students the opportunity to get answers to questions they may have had while taking the eBook course.

The onsite workshop focuses on providing students with experience applying the PRBE application tool. Computers will be available for students. 

Developing accurate cost estimates for highway projects is challenging, especially during the early stages of project development. Funding availability, incomplete or changing designs, unknown utilities, construction complexity, including material and labor shortages, not to mention the bidding environment when a contractor is selected to construct the project. Agencies have traditionally used a deterministic based contingency to account for the estimate unknowns. However, while a deterministic contingency might be suitable for lower-cost, non-risky projects, it often underestimates the actual risks to higher-cost, more complex projects. To estimate a more reliable contingency, project managers and estimators are considering probabilistic methods based on a project's unique risk profile.

The probabilistic risk-based estimating (PRBE) approach allows the analyst to develop contingencies based on a project's distinctive characteristics, including uncertainties and risks. In addition to validating the base estimate, PRBE enables the estimator to set project budgets and schedules that consider project risks and the Agency's tolerance for project cost and schedule overrun. PRBE also provides the project manager with critical insights to make more informed, rational decisions about managing the risk that directly impacts the project's budget and schedule objectives. The FHWA PRBE Workshop provides students with a review of PRBE concepts and processes and simulation software so they can evaluate project budgets and schedules.

The goal of the workshop is so that students will be able to explain PRBE fundamental concepts, describe the process, and correctly apply the PRBE application tool to analyze project costs and schedules. The workshop utilizes both virtual and onsite formats to provide students with the best overall experience.

The PRBE workshop aims to develop a reliability-based estimate and identify significant risks to project budgets and schedules.

The PRBE application tool is available to students who attend the onsite workshop. The tool includes many advanced features to help the PRBE analyst quickly analyze a project budget and schedule. The risk model and formula are already set up for the user. Only basic project structuring is required to perform an analysis.

This training will interest cost estimators, risk managers, project managers, consultants, and those responsible for developing estimates or managing highway projects.

The pre-requisite to the PRBE workshop is the PRBE eBook NHI course No 134205. Students MUST complete this free training before the Virtual Pre-Training event and prior to taking the FHWA workshop. There is NO cost for the FHWA workshop and simulation software.

The virtual piece of the workshop is arranged prior to the onsite training and provides an overview of the basic concepts and processes presented in the eBook training. This overview is necessary because eBook training is an independent study, and an instructor is not provided. This virtual presentation provides students the opportunity to get answers to questions they may have had while taking the eBook course.

The onsite workshop focuses on providing students with experience applying the PRBE application tool. Computers will be available for students. 

Developing accurate cost estimates for highway projects is challenging, especially during the early stages of project development. Funding availability, incomplete or changing designs, unknown utilities, construction complexity, including material and labor shortages, not to mention the bidding environment when a contractor is selected to construct the project. Agencies have traditionally used a deterministic based contingency to account for the estimate unknowns. However, while a deterministic contingency might be suitable for lower-cost, non-risky projects, it often underestimates the actual risks to higher-cost, more complex projects. To estimate a more reliable contingency, project managers and estimators are considering probabilistic methods based on a project's unique risk profile.

The probabilistic risk-based estimating (PRBE) approach allows the analyst to develop contingencies based on a project's distinctive characteristics, including uncertainties and risks. In addition to validating the base estimate, PRBE enables the estimator to set project budgets and schedules that consider project risks and the Agency's tolerance for project cost and schedule overrun. PRBE also provides the project manager with critical insights to make more informed, rational decisions about managing the risk that directly impacts the project's budget and schedule objectives. The FHWA PRBE Workshop provides students with a review of PRBE concepts and processes and simulation software so they can evaluate project budgets and schedules.

The goal of the workshop is so that students will be able to explain PRBE fundamental concepts, describe the process, and correctly apply the PRBE application tool to analyze project costs and schedules. The workshop utilizes both virtual and onsite formats to provide students with the best overall experience.

The PRBE workshop aims to develop a reliability-based estimate and identify significant risks to project budgets and schedules.

The PRBE application tool is available to students who attend the onsite workshop. The tool includes many advanced features to help the PRBE analyst quickly analyze a project budget and schedule. The risk model and formula are already set up for the user. Only basic project structuring is required to perform an analysis.

This training will interest cost estimators, risk managers, project managers, consultants, and those responsible for developing estimates or managing highway projects.

The pre-requisite to the PRBE workshop is the PRBE eBook NHI course No 134205. Students MUST complete this free training before the Virtual Pre-Training event and prior to taking the FHWA workshop. There is NO cost for the FHWA workshop and simulation software.

The virtual piece of the workshop is arranged prior to the onsite training and provides an overview of the basic concepts and processes presented in the eBook training. This overview is necessary because eBook training is an independent study, and an instructor is not provided. This virtual presentation provides students the opportunity to get answers to questions they may have had while taking the eBook course.

The onsite workshop focuses on providing students with experience applying the PRBE application tool. Computers will be available for students.