AACE International

AACE International is the professional body for cost engineering and project controls globally, with its Recommended Practices (RPs) forming a de facto standard for how QRA, estimating, schedule analysis and EVMS should be conducted. The most relevant RPs for UK infrastructure and defence work include RP 57R-09 (Integrated Cost and Schedule Risk Analysis Using Risk Drivers and Monte Carlo Simulation of a CPM Model), RP 64R-11 (CPM Schedule Risk Modeling and Analysis: Special Considerations), RP 65R-11 (Integrated Cost and Schedule Risk Analysis and Contingency Determination Using Expected Value) and RP 66R-11 (Selecting Probability Distribution Functions for Use in Cost and Schedule Risk Simulation Models).

AACE holds three certifications relevant to senior project controls practitioners: the Decision and Risk Management Professional (DRMP), the Earned Value Professional (EVP) and the Certified Cost Professional (CCP). DRMP and EVP certifications in particular are increasingly expected on UK major programmes where the controls work must be demonstrably rigorous, particularly in defence, nuclear and public-sector infrastructure. The certifications are evidence-based — candidates must demonstrate both examination competence and a portfolio of project experience.

In practical terms, citing AACE RPs in a QRA methodology or controls manual matters because it anchors the work to a published, externally-maintained standard rather than to individual consultant preference. A QRA report that says "we followed AACE RP 57R-09 and 64R-11" carries different weight in a Gateway review or investment committee than one that describes a bespoke methodology. SOMA QRA work is delivered to AACE Recommended Practices.