What is Mandrel?
Mandrel is a costing tool which helps you capture and analyze uncertainty.
Another name for uncertainty is risk. Mandrel helps you deal with project risks from the outset.
Projects and programs have a tendency to exceed their budgets. Very often, this occurs not because of poor management but because the budget itself was insufficient.
Insufficient budgets typically result from a failure to make allowance for uncertainty.
There are two basic types of cost uncertainty:
Quantity uncertainty: how much will it cost to do the things you know about?
Scope uncertainty: what exactly needs to be done?
Mandrel lets you:
- Capture uncertainties in individual costs such as labor, materials and subcontracts;
- Capture scope uncertainties (risks) by assigning probabilities to expenditures;
- Track both certain and uncertain costs as a function of time;
- Show bottom-line costs, cost variances and risk exposures.
In addition, Mandrel lets you handle a broad range of risk analysis, plus price lists, taxes, currencies, cash flow predictions, cost performance calculations, audit trails of changes, Monte Carlo setup, and much more.