(PUBLIC REVIEW DRAFT) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a message directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

The following initial comments were made by the Technical Board.

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a message directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

If you are providing comments using the Excel file please note that the column marked "RP Section (Term)" is a drop down field listing all the terms that are currently up for review. Pick the ones that you wish to provide comment on.

The following initial comments were made by the Technical Board.

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a message directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a message directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

Thanks for posting. I had my say on the risk terms last year so I will leave it at that (but do agree with another commenter that they are too long winded). But I do encourage everyone in the risk community to review and comment as appropriate. Some of these terms will affect your practice and the way we hope to communicate. This is your profession and this is an easy way to be a part!

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a message directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a reply to this thread directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

------------------------------
Christian Heller
Director of Technical Guidance
AACE International
cheller@aacei.org
------------------------------

Comment provided by Stanko Pavlovic is attached.

(PUBLIC REVIEW DRAFT – Open until September 29, 2023) 10S-90: Cost Engineering Terminology (Rev. August 15, 2023)

The following new and revised terms and definitions are being considered in this update:

(Revised)             RISK, SYSTEMIC

(Revised)             RISK, PROJECT-SPECIFIC

(New)                   HYBRID RISK ANALYSIS

(Revised)             UNCERTAINTY

(Revised)             EVENT

(Revised)             RISK EVENT

(Revision)            CONDITION, RISK

(New)                   INHERENT VARIABILITY

(Revised)             RISK, BACKGROUND

(New)                   RISK, CONTINGENT

(Revised)             EMERGENT RISK

(Revised)             UNKNOWN UNKNOWN

(New)                   SYSTEMATIC ERROR

(Revised)             BIAS

(New)                   UNCERTAINTY, DISCONTINUOUS

(New)                   UNCERTAINTY, KNIGHTIAN

(Revised)             KNOWN UNKNOWN

(New)                   UNCERTAINTY, CONTINUOUS

(New)                   UNCERTAINTY, GENERAL ESTIMATE

(New)                   RISK EVENT, DISCRETE

(New)                   UNKNOWN KNOWN

(New)                   RANDOM ERROR

(New)                   NOISE

(New)                   INHERENT RISK EXPOSURE

(New)                   CURRENT RISK EXPOSURE

(New)                   TARGET RISK EXPOSURE

(New)                   ALARP

(New)                   RISK INFORMED DECISION MAKING

(New)                   CONTINUAL RISK MANAGEMENT

(Revised)             LONGEST PATH

(Revised)             CRITICAL PATH

(Revised)             CRITICAL ACTIVITY

(Revised)             NEAR-CRITICAL ACTIVITY

(New)                   REQUEST FOR EQUITABLE ADJUSTMENT (REA)  

This draft RP is open for review and comment until September 29, 2023.

You may provide your comment by either:

·         Posting a reply to this thread directly

·         Providing mark-up in the PDF file

·         Providing your comment in the Excel file

------------------------------
Christian Heller
Director of Technical Guidance
AACE International
cheller@aacei.org
------------------------------