How are you different?

Unlike most others, we believe that risk analysis should be conducted in a transparent, workshop mode, where team members can share perspectives and build alignment around the risk issues.  Results are more clear, do not suffer from being a ‘black box’, and lead to greater insight on how to manage the project.  In addition, we deliver results in near real-time, allowing workshop participants to reflect on the insights and develop mitigation strategies while risk is fresh in their mind.

How do we update results after a workshop?

We always ‘leave behind’ the schedule and cost risk models so that the team can exercise them and update them as appropriate.  In addition, we perform nearly unlimited updates when data changes.  Many times, our clients find it valuable to bring us in for in-person updates periodically when the project reaches key milestones.

What is a cost and schedule risk analysis?

A cost and schedule risk analysis is a comprehensive review of a project that reveals the major uncertainties and risk factors to delivering the project on time and on budget.

A high-quality cost and schedule risk analysis should include the following:

• A methodology that addresses all risk items, their interdependencies, and removes as much bias as possible
• Use of a structure and assessment that is made in a team-based workshop to assure all perspectives are considered
• A workshop that is facilitated by an experienced risk analyst
• Incorporation of historical data and benchmarks
• Inclusion of both project team and non-project team members that have relevant and related experience with the particular project
• Use of a model that is transparent, easily understood, and has been through several iterations of quality assurance

When should cost and schedule risk analysis be conducted?

• Early in the life cycle of a project, in order to understand tradeoffs among potential project alternatives
• Just prior to project sanction, to help set funding levels and schedule expectations as well as to develop risk management plans
• During project execution, to manage risks and help deliver the project on time and budget

What are the pre-requisites to conducting an analysis?

The only pre-requisites to a risk workshop is that the project team has a ‘deterministic’ schedule and/or cost estimate, and that the basis for these deterministic estimates are well understood by the team.