During these uncertain times, it is all too easy to catch a cold on a project. Uncertainties drive up costs and delays, profits vanish from this project and the next two. Soon, the business is forced to make some difficult decisions. This scenario is more likely in today’s riskier, more uncertain times. But better risk management can help.
There are some things about risk analysis that you only learn through experience. And here are some of those lessons from expert Ian Nicholson.
Why do so many projects miss their duration and cost estimates? There are many factors, but a lack of integration between cost and duration could be leading you down the wrong path.
STAVANGER, 7TH JANUARY 2021 – Today, Safran is proud to announce its new partnership with San Jose-based reseller, DecisionTrain.
When we talk about the issue of selecting probability distributions for risk quantification in projects, the most popular question is, without doubt, what's the best? Triangular distribution or Pert (also called BetaPert)?
Administering a quality quantitative schedule risk analysis (QSRA) on a live project is no simple task. An indisputable constraint for creating a robust QSRA is the time available to validate and probe your model for insights. As an experienced Project Risk Manager, I have certainly witnessed ample timescales to create, test, and provide risk models slip away.
New Insight: Performing Integrated Cost and Schedule Risk Analysis on a Multi-Billion Dollar Project
Pacific Northwest National Laboratory (PNNL) tackles some of America’s greatest science and technology challenges, including strengthening the country’s energy resiliency and protecting national security. By utilizing their expertise in chemistry, earth sciences, and data analytics, PNNL’s researchers have taken great steps in innovating and pioneering a safer, cleaner, world.
Trimming even the smallest amount of time off complex projects can lead to significant cost savings. Effective scope management is paramount to saving time and should be a well-used tool in any project manager’s arsenal.
Over the last 50 years, MPR Associates has worked on a plethora of large-scale projects across a wide range of industries – including work for the US Department of Energy (DOE). Our latest case study explores the benefits MPR have enjoyed by using Safran Risk to conduct their cost and schedule risk analysis.
It’s crucial that project risks are identified and communicated effectively in order to minimize their impact. Accurately communicating risk to stakeholders, who may not understand the subject as well as industry experts, is key to ensuring mitigation decisions can be made.
