We live in a biased world – and biases can be harmful when it comes to risk management. As a natural and inevitable human trait, bias can’t simply be overcome with risk analysis tools.
Many Risk Management practitioners tend to stop the Schedule Risk Analysis (SRA) once the P Dates have been reported. In the video below, Santosh Bhat demonstrates how Safran Risk, with its embedded scheduling engine, can address project disruptors that go Beyond the P Dates.
Risk management professionals add value throughout the life cycle of a project by validating risk models and communicating project risks and potential risk mitigation strategies. However, the work of validating and communicating the likelihood of certain project risks is complex and time consuming.
Owner and director of Redstone Risk Ltd, Will Foulds, introduces his new report which shows that certain risk management practices lead to higher project profits.
A recent study in the International Journal of Engineering Business Management (Vol 11, 1-16), found that the level of a business’ Project Risk Management Maturity (PRMM) has a significant impact on its profit performance.
Risk and resilience expert, Alexander Larsen, explains why getting the most out of Cost and Schedule Risk Analysis (CSRA), can be an immensely rewarding experience.
Donna Festorazzi is Head of Programme Risk Management at Stantec and an internationally experienced risk management professional, with a multidisciplinary background. She believes that risk management insights should empower project teams to optimise delivery performance, rather than purely facilitate project-approval processes.
Albert ‘Mac’ McMillan is a project management specialist with more than 40 years’ experience. In this Q&A, he talks about how a failing project can be turned around with the help of some timely and effective risk management.
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.
Very few projects are ever completed in line with original plans and budgets. Unforeseen changes are inevitable in project management. But putting proper change control processes in place can drastically minimize their impact.
Effective risk analysis and management are fundamental to project success. Irrespective of the size or scale of your project, delivering it on time and within budget (not to mention preserving stakeholder confidence) is impossible if you don't take the time to identify, analyze, categorize, prioritize, and gauge the impact of external risks before work commences.
