In the early stages of project development life cycles, uncertainties around scope, timing and
cost can affect projects to a significant extent.
rhi’s risk management experts can help clients identify, quantify and manage the key risks and uncertainties impacting a project. This is achieved through facilitated workshops, probabilistic cost and schedule modelling, collaborative feedback reporting and ongoing management of mitigating actions. Over the past 20 years, rhi has carried out Risk and Uncertainty Analyses for a vast array of projects. From the relatively moderate scopes, through to industrial mega projects.
rhi has extensive experience in facilitating cost and schedule risk analysis (CSRA) workshops with project teams. We use our in-house tools challenging the scope, uncertainty and event risks, which enables our consultants to report back on likely schedule dates and outturn costs. Project teams will have greater confidence that estimates, and schedules are robust, estimates reflect the most likely outturn with recommended contingency levels which reflect the prevalent uncertainties and risks.
Our risk management approach follows six basic steps to assist project teams to deliver a simple yet effective risk management process:
- Scope interrogation – understand the scope and areas of ongoing development
- Risk identification - identify and describe risks that might affect your project or its outcomes
- Analyse the risk - determine the probability and consequence of each risk
- Evaluate the risk - cost & schedule impact of the risk magnitude should it arise
- Mitigate the risk - assess your highest ranked risks and set out a plan to treat or modify these
- Monitor and review the risk - apply your project risk register to monitor, track and review risks through each project phase
For more information on where we have used our Risk and Uncertainty Analysis services in client projects, click on the links below: