Staying current via continuing education is more important than ever in the increasingly virtual world we find ourselves in. ICEAA is proud to offer excellent opportunities to learn more about the most current theories, innovations, and practical applications in every aspect of the cost and cost-related fields.
ICEAA is offering a special Professional Development Package: purchase access to one of our paid webinars for $160 and receive a free year of ICEAA membership to support your ongoing training requirements and knowledge sharing interests.
This is an excellent opportunity to join the association and experience the many benefits that keep our community strong and our members coming back year after year. Current members can take advantage of the offer too: purchase the Professional Development Package to receive one of our exclusive premium webinars and we will extend your membership another year (members can also purchase access to one of these webinars without extending their membership for $25).
Introduction to Machine Learning for Cost Estimators
Dr. Christian B. Smart
Kimberly Roye
The video recording is currently available for purchase.
Machine learning is the use of computer algorithms that improve automatically by using data. It includes classical statistical techniques such as clustering and linear regression analysis, as well as more sophisticated techniques such as regression trees and natural language processing. In this training, we will provide an overview of machine learning techniques. We will discuss advanced Excel capabilities for data analysis and provide interactive examples of the implementation of machine learning methods in Excel. We will also provide examples of advanced machine learning methods using the statistical programming platform R.
About the Presenters:
Dr. Christian Smart (CCEA®) is the Chief Data Scientist with Galorath Federal. He previously served as the Director of Cost Analytics and Parametric Estimating for the Missile Defense Agency for several years. Dr. Smart has also worked as a support contractor for NASA. He received an Exceptional Public Service Medal from NASA and is a former ISPA Parametrician of the Year. Dr. Smart has BS degrees in mathematics and economics, and a PhD in Applied Mathematics.
Kimberly Roye (CCEA®) is a Senior Cost Analyst for Galorath Federal. Starting her career as a Mathematical Statistician for the US Census Bureau, Kimberly transitioned to a career in Cost Analysis over 10 years ago. She has supported several Department of Defense hardware and vehicle programs. Kimberly earned a MS in Applied Statistics from Rochester Institute of Technology and a dual BS in Mathematics/Statistics from the University of Georgia.
Solving for Project Risk Management: Understanding the Critical Role of Uncertainty in Project Management
Dr. Christian B. Smart
The video recording is currently available for purchase.
Risk is an important consideration for all projects. However, when projects plan, they tend to look only at the best-case scenario. The overwhelming emphasis on performance, to the exclusion of cost and schedule considerations, pervades project management. Lack of planning for financial risks leads to significant cost and schedule growth. Cost and schedule increases are a common recurring phenomenon for all projects. Average cost growth in development has been a steady 50% and higher for several decades. One in six programs doubles in cost. These unplanned-for risks cause turmoil when they arise, leading to schedule delays. This enduring phenomenon indicates that:
1. Projects have significant resource risks
2. In general, risk is not effectively measured or managed
Despite its importance, many projects treat risk as if it were just another four-letter word. Risk measurement and management are imperatives. Estimates of cost and schedule that rely on most-likely inputs lead to significant underestimation of the time and effort required to complete projects. Cost and schedule estimates are stochastic in nature, and need consideration from the ground up, not just as an add-on to a point estimate.
Even when projects conduct risk analysis, there are several issues with current practice:
1. Risk is underestimated
2. Projects are funded to low confidence levels, resulting in added risk at the portfolio level
3. Reliance on confidence levels does not consider tail risk
4. Organizations do not assess portfolio-level impacts when considering new projects
The good news is that all these issues can be fixed. This presentation discusses these issues, as well as ways to fix them. Risk management is a mature discipline. Including proper risk management in program planning is a low-hanging fruit that is ripe and ready to pick. A little planning is an investment that will pay big dividends by setting you apart from the competition.
This presentation provides an overview of the forthcoming book Solving for Project Risk Management: Understanding the Critical Role of Uncertainty in Project Management, to be published by McGraw-Hill in November 2020 (pre-order now available through Amazon: http://tiny.cc/j7xbpz).
About the Author:
Dr. Christian Smart (CCEA®) is the Chief Data Scientist with Galorath Federal. He previously served as the Director of Cost Analytics and Parametric Estimating for the Missile Defense Agency for several years. Dr. Smart has also worked as a support contractor for NASA. He received an Exceptional Public Service Medal from NASA and is a former ISPA Parametrician of the Year. Dr. Smart has BS degrees in mathematics and economics, and a PhD in Applied Mathematics.
Please contact us if you have any questions or require additional assistance.