scope:

This standard specifies the process for, and the roles and responsibilities of people associated with, conducting a QCRA for projects, programmes and portfolios (P3M) as required by NR/L2/INI/P3M/106.

This standard is part of the project, programme and portfolio (P3M) framework and relates to NR/L2/INI/P3M/106. It applies to all projects and programmed that require

Investment Authority, as defined within IR01, Investment Regulations, and:

a) enhance or renew the operational railway; and / or

b) are carried out in a high street environment, e.g. carpark developments.

Purpose

The purpose of this standard is to describe the requirements for conducting a Quantitative Cost Risk Assessment (QCRA).

The purpose of a QCRA is to assess the combined effect of identified risks using computerized statistical modelling techniques to understand overall delivery confidence against cost to inform management response.

QCRA outputs are used to both recommendations to increase the probability of delivering within funding and identify where there may beadverse consequences requiring visibility and/or management by the business.

This standard provides the work instruction to satisfy the requirements of NR/L2/INI/P3M/106.