Ezinwanyi Kesieme is Associate Risk Manager (Head of Quantitative Modelling) at multinational engineering firm, AECOM. Below she explores why AECOM has adopted the “Risk Driver Method” and “Sensitivity Analysis”. She explains how these modern and powerful risk analysis methods help AECOM to complete projects faster and with lower total project cost.
The majority of project teams conduct cost and schedule risk analysis (CSRA) for one simple reason – more realistic information = better business decisions.
Revealing the likely impact of individual risks on a project’s cost and time to complete, CSRA is a valuable tool in every project team’s toolbox. It ultimately enables organisations to turn their project risk data into meaningful messages that inform project teams, guide their decision-making and engage them in a way that many traditional project management techniques simply cannot.
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.
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.
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.
Complex projects don’t just stop. Even in times of uncertainty, organizations can’t simply stop executing a three- or four-year project because employees are now working from home. Safran software enables enterprises to continue their work unabated, helping teams stay connected and manage risk.
Our next webinar on the 23rd of October examines how Navantia, one of Europe's leading defence manufacturers and contractors, gained a greater level of project control with their SAP solution. Hosted by the UK SAP User Group, this is not one to be missed.
Keeping every member of a project team up-to-date can be arduous. Historically, the production of weekly, or bi-weekly, reports depleted the planning department's valuable time and resources, and reducing this expenditure wasn't possible without significant compromises to project members.
A problem often faced by large-scale projects is how to integrate both owner and contractor schedules into a single, cohesive plan—without granting contractors access to the owner’s IT network.
Cost and schedule risk analysis assesses the likely effect of uncertainty, as well as individual risks on overall project costs and time-to-completion. Essential to accurate project control and forecasting, it can also reveal how much contingency is needed to stay within budget and meet deadlines.
