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  Quantitative Risk Analysis – Fallacy of the Single Number

  Risk analysis is a proven method to identify, characterize, and address potential risks and to allow development of risk management plans to reduce impacts to projects. In this way, limited resources can be best used and value added. In this paper we will illustrate the application of risk analysis with respect to one key element – the cost of these projects. Cost is critical to owners in terms of meeting budget and to contractors in terms of realizing a profit.

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