AACE Seattle Section April 14th, 2011 Meeting
"CRAVE (Cost Risk Assessment + Value Engineering) Studies"
HDR has combined the proven & successful processes of Cost Risk Assessment (CRA) and Value Engineering (VE) into one - CRAVE. CRAVE is an integrated process of Cost Risk Analysis & Value Engineering which identifies and quantifies risk opportunities and threats and then uses the time proven VE Job Plan to mitigate or avoid the risks. A number of states such as California, Minnesota, Utah, and Washington have all benefited from the success of CRAVE for their transportation-related projects.
The CRAVE process departs from conventional risk assessment and value engineering processes by providing integrated rather than separate processes. CRAVE provides an iterative process to ensure that risks identified during the planning stage are tracked, monitored, proactively mitigated, or avoided. Given today's volatility in commodity prices, uncertainty about infrastructure funding, and changes in regulations, the CRAVE process provides significant value to agencies. Its value stems from building credibility into project estimates and schedules and continuously seeking solutions to effectively deliver the project. To that extent, CRAVE provides information that is essential to decision makers to ensure proper projects prioritization, adequate delivery method selection, and efficient risk allocation during the procurement stage.
Ken Smith, PE CVS, is a civil engineer and a Certified Value Specialist. He has experience in a wide variety of transportation-related engineering projects. He has twenty-eight years of experience with the Washington State Department of Transportation (WSDOT) in project management, design, and construction. Ken has spent the last four years with HDR, leading value engineering, risk assessment, and constructability workshops. He was instrumental in developing WSDOT's project management processes including risk assessment and CRAVE, and has led over three hundred studies for value engineering, cost risk assessment, and constructability. Ken has vast experience in facilitating workshops on controversial complex urban projects with extensive stakeholder involvement.
Anybody interested in project controls, project management, cost estimating, scheduling, value engineering, budget control, and cost engineering in construction and non-construction industries are cordially invited.
AACE Seattle meets the 2nd Thursday of each month. Each section meeting with technical presentation qualifies for .25 points toward your CCC/CCE/PSP/EVP/CEP/CFCC recertification continuing education requirement.
Rock Salt Steaks & Seafood
1232 Westlake Avenue North
Seattle, WA 98109