|Date:||March 9, 2015|
|Location:||Rose Hill Community Center, Mukilteo, WA|
|David Hamilton||Hamilton Risk+Value Consultants|
|Steven W. Thompson (Board VP)||The Boeing Company|
|Steven Paget (Board Member)||Sazan|
|Bruce Larkin||Parker Hannifin Corporation|
Chapter Meeting (6:30 – 7:30 pm)
See list of participants.
Treasurer John Langer was not in attendance, but Steven Paget reported out for him that the Cascadia Chapter account balance is in the range of $6,500 – $7,500.
Tomi Hume and Ann Jamison volunteered to help Teresa Platin. We will have a Nominating Committee Meeting in the next couple of weeks. We have had two people express interest in being nominated … Ann Jamison and Joel Davis. We’ll put out a formal call for nominations via e-mail. All nominees will be asked to provide a brief bio for inclusion in the election material. A Survey Monkey ballot similar to last year’s will be sent to all active Cascadia Chapter Members.
Blaine Long and Michael Schneider are outgoing Board members. Nominations are to happen in March per the Chapter Bylaws, however, it is likely that nominations will be due in April with elections later in April, or May. The new Board members will be installed at the June meeting.
The April Meeting will be a joint meeting with AACE on a THURSDAY (April 14). The location and topic have yet to be set, but Blane and Teresa will work with AACE contact John Newman of Sound Transit to work out the details. The May meeting will be held in Bellevue at HNTB on the regular Weds, and the June meeting will be held during the Value Summit in Niagara Falls, Canada.
Chapter Representatives at the SAVE Annual Business Meeting
A representative and an alternate representative are needed to represent the Chapter at the Annual Business Meeting held Sunday, June 5, 5-6 PM at the Annual Conference. Another notice needs to be sent to determine who is able to be a representative. Need to confirm that Blane Long will be attending the Conference and will be attending the Chapter Presidents Meeting on Tuesday, June 7, 7-8 AM, or identify who can stand in if Blane will not be attending.
Meeting attendees shared about recent VE related experiences and lessons learned. The group had a lively discussion about the issues encountered and the lessons learned.
Presentation (7:30 – 8:30 pm)
David Hamilton gave an informative presentation on the use of construction risk analysis as a VE tool and the application of Monte Carlo-based risk analysis software. David started by discussing the relationship between risk and value optimization as the rationale for incorporating risk analysis into VE studies. He outlined several goals or risk analysis actions which can be implemented as part of a VE study. David described qualitative risk analysis, semi-quantitative risk analysis, and quantitative risk analysis. He explained the difference between uncertainty and risk events and how each are addressed in risk analysis. David then went into detail on the use of a Monte Carlo-based quantitative analysis to determine risk, and provided an overview of the steps in preparing a Monte Carlo analysis using computer software. He explained that with computer modeling of risk, it is now possible to look at multiple variables and access risk relative to cost and schedule. David presented several case studies of construction risk analysis undertaken as part of a VE study or as an independent study using elements of the value methodology. The presentation concluded with a review of lessons learned, followed by Q&A.
David’s presentation slides, available on the Cascadia SAVE Chapter website, are well prepared and include information graphics.
Special thanks to Board Member Steven Paget for taking these notes on behalf of our Secretary this month.