Schedule and cost risk analysis
Manage your project risks
We support you in managing the risks of a project or a portfolio of projects
Every project involves risks: financial, organisational, human, technical, legal, time-related and environmental. So it’s hard to omit it from project management. However, with the right strategy in place, many can be avoided. PROPRISM is at hand to work with you to manage your project’s risks through a relevant analysis of deadline and cost risks.
PROPRISM helps you manage the risks of a project or portfolio of projects by helping you manage potential risks to be part of the success of your project.
Why entrust your deadline and cost risk analysis to PROPRISM?
Aware that all projects are affected by risks from the very beginning: availability of resources, development of specific equipment, obtaining permits, weather, geographical or political conditions, etc. we understand the essential role of risk analysis in project management. It enables measures to be put in place to prevent and deal with the risks identified. Managing project risk is an essential element that you must control in order to keep your project on time and on budget. If you don’t consider the impact of risks and uncertainties on your project, you could lose large amounts of money! It is therefore important to identify, classify and quantify each of these risks.
Our team of experts helps you set up a quantitative and qualitative analysis to simulate the time and cost impacts of your project.We help you identify risks, assess their severity and likelihood of occurrence before prioritising them. From analysis of the schedule to Monte Carlo simulations, we work with you to define the responses to risks and corrective actions according to their time and cost impacts. Thanks to our team, it is possible to eliminate the risks altogether in some cases, or at least limit the negative effects on your project.
Risk register, qualitative risk analysis
The risk register is an intrinsic part of risk management. Among other things, it minimises delays and ensures that predefined deadlines are met as closely as possible. This valuable document, initiated by the project manager, is developed to facilitate a comprehensive analysis of the risks specific to your project. Each risk is identified, classified and analysed to define:
The aim of the risk register is therefore to provide concrete corrective measures so that the project team can react effectively when faced with a risk. Useful for any project, large or small, it is available to all stakeholders so that they have an overview of the project’s risks.
Monte Carlo simulation, a quantitative risk analysis
Monte Carlo simulation is a numerical method widely used in various sectors (finance, physics, engineering, etc.) to perform probabilistic analyses. Monte Carlo analysis is particularly recommended in project management for complex projects, as it enables risks to be assessed quantitatively and effectively. The aim is to understand how these risks will potentially affect timescales and costs.
Monte Carlo simulations are thus used to analyse risks from a probability point of view:
What will be the time and cost impacts of the risks on the project?
The impact on deadlines and costs can be mulitple:
PROPRISM thus helps you to identify the risks of delays and carry out simulations on the schedule in order to visualise delay impacts, as well cost impacts. This allows us to identify the appropriate mitigation plans. Identifying and assessing risks enables them to be properly controlled.
A model of the defined mitigation plans shows their relevance and the evolution of the risk matrix.
We set up warnings in the schedules in order to anticipate the risks that could affect the project deadlines and budgets. Managing risk in this manner means that actions can be implemented as soon as possible, if necessary, avoiding negative effects and guaranteeing the success of the project.
Looking for a new challenge?
PROPRISM is first and foremost a team of project management experts available to serve YOUR projects.
Our in-depth industry knowledge and our mastery of the most advanced project management techniques (PMO, management, project planning & project monitoring software, etc.) make PROPRISM a strategic partner of choice for the execution of your most ambitious projects.
expertise in managing your projects
With many years of experience, our cross-sector skills based know-how is totally unique.
Our team guarantees the success of all your projects on the basis of reliable forecasts, with no unpleasant surprises.