Schedule and Costs Risk Analysis

 

If you don’t consider the impact of risks and uncertainties on your project, you could lose a large amount!

 

Any project is affected by risks such as availability of resources, development of specific equipment, licensing, weather, geographic or political conditions.

There is a lot of uncertainty that needs to be addressed right from the early stages of a project.

Risk management is an essential element that you must control in order to keep your project on time and on budget.

Data such as costs, time, resources and dates can all affect project duration and budget.

It is therefore important to analyse risks, identify potential actions and allocate adequate resources to manage risks.

 

Risk Register (Qualitative Risk Analysis) 

The risk register is developed to facilitate a full risk analysis. Each risk will be identified, classified and analysed to define:

  • Risk
  • Effect
  • Probability
  • Emergency
  • Impact on schedule
  • Cost impact
  • Mitigation Plan
  • Response plan
  • Review plan

 

Monte-Carlo Simulation (Quantitative Risk Analysis)

The Monte Carlo simulations will allow probabilistic evaluation:

  • Estimating costs
  • Forecast of budgets and costs
  • Likelihood of achieving contract milestones
  • Confirm the action plans to be put in place
  • Determine reserves (time and cost contingencies)

 

What will be the time and cost impacts of the risks on the project? 

PROPRISM will help you to identify the risks of delay and will carry out simulations on the schedule to visualise their impacts on the project with regard to deadlines, but also the costs and thus make it possible to identify suitable mitigation plans.

A modelling of defined mitigation plans will show their relevance as well as the evolution of the risk matrix.

PROPRISM will set up notifications in the schedules update process to anticipate risks that can affect project deadlines and budget so that actions can be put in place as soon as possible.