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Best Practices for Quantitative Risk Analysis (QRA): Objective, empirically-valid QRA method and tools

13th April 2023
15:00 (CEST) | 08:00 (CDT)
2 hours

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Learn how project Quantitative Risk Analysis (QRA) can translate identified risks into realistic, probabilistic cost and schedule forecasts for decision-making.

As a master in the field, John Hollmann will take you through the ins and outs of QRA alongside the project experts Shamir Sheikkariem and Elmer Sachteleben’s meaningful contributions.

In this day and age of the greatly competitive high-paced project environment, understanding risk is crucial for sound and cost-effective decisions. Although risk is defined as an uncertain event or condition that could affect project objectives such as scope, schedule, cost, and quality, it doesn’t mean it is non-measurable or that its quantification is dependent on subjective, biased methods.

The quantification step of risk management, done properly, enables effective, risk-aware investment decision-making and project controls by capitalizing on both the experts’ knowledge and experience and industry empirical research.

Additionally, real-life demonstration of empirically-valid QRA application practices will enrich your familiarity with recommended methods and help you apply them to your own projects of any scope and at any phase.

The vibe and projects within the Tank Terminal Industry

The challenges for Tank Terminal operators

The importance of focusing on Conceptual Estimating

An intro to the implications of the software system Cleopatra Enterprise and how it can help this industry

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People with the following – or similar – backgrounds will benefit from this workshop:

Capital Investment Planners | Project Managers | Cost Estimators | Planners and Schedulers | Project Controllers | Risk Managers and Analysts

This applies to all industries involving construction from process to infrastructure.

Please note that having access to the book ‘’Project Risk Quantification’’ (2016) and reading it before attending the masterclass will be beneficial for you to follow the content and engage better during the masterclass.

Visit or Amazon (check out the Kindle version there)

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Featured speakers

John Hollmann
John Hollmann


John Hollmann is an industry expert, author, leader, and presenter in the Cost Engineering/Risk Management profession for most industries, including process, mining, metals, pipeline, power and infrastructure.

He is the owner of Validation Estimating LLC; Partner in ValidRisk®. He is a Fellow and Honorary Life Member at AACE International (AACE) and has held many roles, including being an AACE and ICEC board of directors member.

John continues sharing his knowledge and expertise in the field with articles and books [i.e., ‘’Project Risk Quantification” (2016) and ‘’AACE Total Cost Management Framework” (2006)].

Elmer Sachteleben
Elmer Sachteleben

Senior Cost Engineer | Director of Cost Engineering Consultancy Academy

Elmer Sachteleben is an experienced Certified Cost Engineer (CCE) holding an MSC in applied physics. After providing consultancy services to major companies, Elmer now leads Cost Engineering Academy.

He applies his broad experience and enthusiasm to provide traineeships, develop courses and organize workshops in project controls and turnarounds. He is also a teacher at the Dutch Association of Cost Engineers (DACE) and a frequent speaker at industry events.

Elmer has provided consulting services in process assessment, development, and implementation to major multinational companies such as Shell, Unilever, Bayer, Cargill, CB&I, Mott MacDonald, Heineken, Vopak, Enbridge, Yara, and Rijkswaterstaat.

Shamir Sheikkariem

Business Developer | Project controls expert, Cleopatra Enterprise

Shamir Sheikkariem has 10 years of operational, active exploration, and technology consultancy experience in the mining and energy industries in the Netherlands and Suriname.

As a business developer, Shamir works with notable clients such as Worley, Petrobras, CEPSA, PLW, Fichtner, Teck Resources, Tungsten-West, Sitech, Sigdo & Koppers, Yara, Codelco, and our local partners, Qualidados, Koff & Guerrero, and Verano.

He holds a Bachelor’s degree in mineral resource management and a Master’s degree in mineral geosciences.


15:00 - 16:00

Session 1

What is Quantitative Risk Analysis (QRA)?

5 minute break

The QRA Problem: traditional practices don’t work
Addressing the risks that matter: systemic and critical specific risks

16:00 - 16:15


16:15 - 17:00

Session 2

The best QRA methods available: parametric + expected value method
Practical examples

– QRA using ValidRisk
– Integrating risk with estimating using ValidRisk and Cleopatra Enterprise Connector


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