There’s a reason why we brand our workshops as “Confidence” Workshops rather than the overly used ‘risk workshop’ offering. While we adopt highly analytical risk models and we are ultimately looking at the risk exposure on your project, what we really bring to the table is confidence. Confidence in the realism of your schedule; confidence in the effectiveness of your planned mitigation strategies; confidence of achieving project completion on/before a certain date/cost.
To date, we have executed literally hundreds of schedule reviews and risk assessments around the globe on many different types of project. If you work with a Fortune 500 company, the chances are, we’ve helped one of your projects.
Not one to rest on our laurels, while we are proud of our track record, we are continuously looking for ways to make our process easier and the results more and more accurate.
A CSRA (cost and schedule risk assessment) workshop is a collaborative event involving a project team, typically discipline leads, lead planners and engineering managers that is facilitated by a third-party facilitator.
The overarching objective is to obtain true consensus on the team’s expert opinion as to the realism of a project forecast (schedule and/or cost) that can then be used to build a quantitative risk model.
A risk workshop is a key part of what is commonly known as a Project Risk Assessment.
A project risk assessment is conducted to establish insight into how achievable a project schedule/cost forecast is based on a combination of the plan being executed and the external risk factors impacting that plan.
We have a pro-active philosophy when it comes to risk analysis. Simply determining how risky your project is doesn’t help you very much. What is more useful is to calculate your risk exposure so as to then determine the most effective way of reducing that exposure.
We focus on four key objectives and associated deliverables:
Confidence: how certain are you that you will complete the project (and/or interim milestones) on-time/to-budget?
Risk-Adjusted Forecast: what does your risk-adjusted cost and schedule forecast really look like? How different from your deterministic plan is it?
Risk Drivers: is it risk events or cost/schedule uncertainty that is causing your risk exposure?
Risk Response: what is the most time/cost effective means of reducing your exposure?
Gaining this risk insight should not be a one-off effort. A risk model should be seen as an entity that continues to evolve as the project progresses.
Once the risk model is built, it is very easy to update the risks and uncertainties to quickly reflect the latest state-of-play of the project.
Project teams love to work with us. We don’t confuse or try to impress with statistical risk jargon; we don’t unnecessarily expose the complexities of the underlying risk model; we don’t keep the project team locked in a conference room for days on end; we listen. We are part of your team.
A risk assessment is often the first time the project team as a whole get to review the schedule & cost estimate. This drives validation & buy-in
By engaging a risk expert, you avoid any bias or potential issues around risk modeling.
Many CAPEX projects undergo an IPA assessment. Conducting a risk workshop prior to this has proven to be hugely beneficial in preparing for your IPA review.