The idea of contingency and risk modeling applies to a wide variety of large scale projects. One such category of project where risk analysis and contingency modeling is particularly vital to project success is in shutdowns, turnaround and outages. Being able to map out risks and assess risk throughout the project is critical to finishing on time and on budget.
In the video below Arthur Davidson, Contracts, Safety and Training Manager at WTMC, talks about how risk analysis must be done before and during a shutdown or turnaround so that contingencies that arise can be drawn down as much as possible.
Check back next week for the third post in our series on Contingency and Risk Modeling.