Organizational Support for Risk Analysis and Conditioning the Analysis Schedule

The 2026 Master Class Webinar Series with Dr. David Hulett:

Part 2 - Organizational Support for Risk Analysis and Conditioning the Analysis Schedule

In this second session of the Master Class Webinar Series, Dr. David Hulett is joined by Keith Hornbacher and they focus on two foundational elements for reliable project risk analysis: organizational support and the development of a robust analysis schedule.

A successful risk analysis does not depend on tools alone. It requires an organizational culture that supports realistic, unbiased analysis, provides sufficient resources, and actively uses results to inform decision-making. Without this support, even well-executed analyses may be ignored, reshaped, or constrained by expectations set outside the analysis process.

At the same time, the quality of the underlying schedule is critical. Many project schedules are developed for control and reporting purposes and may not be suitable for quantitative risk analysis. This session introduces the concept of an analysis schedule - a schedule built on realistic logic, appropriate level of detail, and best practices - to enable reliable Monte Carlo simulation and integrated cost and schedule risk analysis.

What will be covered in the webinar:

• Characteristics of a risk-supportive vs. non-supportive organizational culture.
• The role of leadership, governance, and collaboration in risk analysis.
• Why deterministic schedules are often not suitable for risk analysis.
• How to develop an analysis schedule based on best practices.
• Key considerations for enabling reliable Monte Carlo simulation and integrated cost and schedule risk analysis.

Webinar details:

Date: May 6, 2026
Time: 9 AM San Francisco / 10 AM Denver / 11 AM Houston / 12 PM New York / 1 PM Sao Paulo / 5 PM London / 6 PM CEST / 8 PM Dubai
Location: Online (FREE)
Language: English 

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About the Speakers:

David Hulett, Ph.D.FAACE

David Hulett provides consulting and training in project risk management and scheduling through Hulett & Associates, LLC. His clients span oil and gas refining, LNG, oil sands, gas pipelines, vertical construction, pharmaceuticals, transportation, aerospace and defense, and large science. His clients include commercial companies and several U.S. Government agencies including the DoE-NNSA, NASA, GAO, DHS, Architect of the Capitol and GSA. He specializes in quantitative integrated cost and schedule risk analysis and project scheduling, with clients across the US, Canada, Europe, South America, the Middle East, and South-Eastern Asia.

Dr. Hulett is active in the AACE International’s Decision and Risk Management community. He has authored or co-authored six AACE Recommended Practices and eleven articles in Cost Engineering, the AACE Journal. He is an AACE Fellow (2015), recipient of the Dunfield Educational Service Award (2018), and the Total Cost Management (TCM) Excellence award (2024). He has published books, on Practical Schedule Risk Analysis and Integrated Cost–Schedule Risk Analysis. For PMI, he managed the revision of the Risk Management chapter (Chapter 11) of the PMBOK® Guide (2000 and 3rd Edition), served on the Core Committee for the PMI Practice Standard for Scheduling, and was Deputy Project Manager for the PMI Practice Standard for Risk Management.

Keith Hornbacher, MBA

Keith Hornbacher is a Senior Associate of Hulett & Associates, LLC. He is also a co-founder of Hornbacher & Associates and has extensive experience in project risk management across industries including water management, energy, construction, transportation infrastructure, and aerospace/defense.

He has held several project risk management and control positions, including serving as a program risk manager at Raytheon on the U.S. FAA’s Wide Area Augmentation System (WAAS), a NextGen air traffic management system.

Over his career, he has supported major capital projects, including cost and schedule risk assessments for large-scale infrastructure programs such as metropolitan water system upgrades.

In addition to his consulting work, Mr. Hornbacher was affiliated for more than fifteen years with the Organizational Dynamics graduate program at the University of Pennsylvania, where he taught courses and seminars on project risk, uncertainty, and planning in complex environments.