Some risk workshop facilitators promise you of the likes of risk histograms; correlation charts; sensitivity tornados and the like. These are all arguably valuable risk model outputs but we like to offer something a little more meaningful.
Yes of course we use advanced Monte Carlo-based risk model techniques and yes we do produce the likes of histograms and tornadoes for you but the difference is this:
We deliver the risk results in a meaningful manner, in the form of an executive briefing, that can be disseminated all the way from the project team up to the board of directors.
The risk briefing includes:
Risk Assessment Background – what was the objective of the risk assessment? Was it assessing our risk or the contractors risk?
Inputs and Expert Opinions gathered from the Team – risk register lists; assessment of degree of realism of the activity durations; maturity of the schedule itself
Overview of the Models Created – often both a current state and proposed mitigated actions state model will be developed and compared.
Risk Exposure – traditional risk reporting methods including confidence levels, P-dates and P-costs, ranges of risk as well as easy-to-understand cutting edge risk metrics such as comparison of risk exposure relative to the amount of remaining work on the project.
Risk Drivers – risk event hot spots; activities and/or points in time in your project that pose the greatest risk
High Risk Paths – we don’t just list the high risk activities – we go well beyond this by providing you with the top risk paths through your schedule.
Cause of High Risk – is your project largely at risk of overrun because of poor execution or overly aggressive planning? Understanding the root cause gives you a massive advantage when determining how to reduce or eliminate risk.
Risk Response Plan – our expert opinion on how best to move forward with your mitigation and/or re-planning in order to lower your risk to an
acceptable risk threshold.
Without exception, you own the risk model(s) that we generate during the risk assessment enabling you to optionally continue running alternate what if scenarios after the workshop exercise.
The majority of our clients like to run alternate scenarios e.g. “what if our sanction date was accelerated by six months?”. As part of our fixed-price offering we happily run multiple scenarios based on your requirements. From this, you get the benefit of further decision support when making strategic decisions. This can be especially useful during early stages of the project e.g. Concept Select prior to the project being funded/sanctioned.
Inevitably, questions are going to arise following the risk workshop. We accept this is normal business practice and as such we will always respond to questions well after you are finished with the risk workshop itself. Again, your continued project success matters to us well after we have delivered the risk briefing.