PROJECT RISK MODELLING & ANALYSIS

The execution of an engineering and construction project is a risky and challenging operation. Effective identification, quantification and management of project risks are amongst the key factors responsible for the successful accomplishment of an engineering and construction project.

Project risk management involves the process of identifying, analysing and responding to risks during the planning and execution stages of a project. As project risks are dynamic and mutates constantly, risk management should be a continuous process throughout the life cycle of a project.

Risk Mamagement

The project risk management exercise when methodically undertaken provides a means for the project team to:

  • Set realistic project schedule and cost contingencies
  • Understand the accuracy of the planned project schedule and proposed budget
  • Estimate the probability of achieving the target project completion date
  • Estimate probability and impact of schedule delays and cost overruns
  • Ensure the development of a viable plan to mitigate identified risks
  • Enhance team work and communication amongst the project team members

Qualitative Risk Analysis is the process of assessing the impact and likelihood of identified risks. This process prioritises risks according to their potential impact on project objectives. The analysis helps to provide the project team good insight in to various risks that are likely to affect the project and the ones that requires further assessment and controlling.

We offer proactive project risk management support including schedule and cost risk analysis services to organisations involved in the planning, development and execution of complex engineering and construction projects. Our range of services includes the following:

  • Project Risk Simulation and Analysis
  • Schedule and Cost Risk Analysis
  • Modelling of Risk Probability and Quantification
  • Modelling of Risk Profile
  • Risk Monitoring
  • Pre and Post Contract Risk Analysis
  • Qualitative and Quantitative Risk Analysis
  • Modelling of Risk Register
  • Probability – Impact Matrix
  • Risk Analysis Using Monte Carlo Simulation Techniques
  • Criticality, Sensitivity and Cruciality Analysis
  • Tornado Chart and Scatter Plot
  • Risk Mitigation Strategy

Project risk analysis is the identification and quantification of the probability and impact of risk events that are likely to affect the project objectives. Risk analysis creates opportunity to help identify and solve problems and enhance team effort and communication within the project and involves two distinct stages – Qualitative Risk Analysis and Quantitative Risk Analysis.

Risk Analysis

Quantitative Risk Analysis is the process of analysing numerically the probability of each risk event and its impact on the project objectives. The quantitative risk analysis can identify realistic and achievable schedule and cost targets and establish the contingency required for the total project as well as for each schedule and cost element and can form the basis of the risk mitigation plan.

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We help our clients to identify, analyse and objectively manage or mitigate project risks, and minimise the chances of project failure. To know more about our services and capabilities, please email us at: info@milestoneintl.com.

Risk Distribution Comparison