Project Risk Analysis is often implemented as a discrete event, facilitated by experts and prescribed by third parties. However, when project management implements a unified risk management methodology, it can become a critical component into a firm’s capital planning and delivery process. When project management implements a risk management procedure as a scalable approach, project risk analysis can bring about positive change in the project management culture within the confines of limited capital and consultants dollars.
The steps inherent to a project risk analysis can facilitate improvements to other key project management processes including scope, quality, cost, and schedule management. Further, project management can foster transparency, collaboration and innovation among project stakeholders through the risk management process. As these changes spread through projects, an organization experiences fundamental changes, re-tooling it to work better, faster and smarter.
The presentation aims to share ideas, and lessons learned about how implementing a risk management process within an organization from planning risk strategies, and qualitative and quantitative assessments to determining and managing risk-based contingency for capital projects.