Quantitative Cost Risk Assessment

Summary

This document briefly sets out some key features of how Quantitative Cost Risk Analysis (QCRA) has been undertaken on Crossrail. The main focus of this report is on Crossrail’s approach to QCRA which has a degree of originality in comparison to other major projects, particularly in relation to the trend management process. It covers the QCRA process used for regular cost reporting from 2009 to 2016 as from 2015/16 the process was evolved to match the development of the programme.

This paper will be of interest to all project risk professionals particulalry those working on large scale projects.