PROJECX
Risk Management
Life if full of risk but having a plan in place can keep small problems from growing into full-blown catastrophes. Likewise, opportunities can present themselves at any time and without prior planning these opportunities can completely pass by before realisation of potential gain can be achieved.
Projecx works with its clients to identify, categorise, prioritise and plan detailed responses to risks that have the potential to develop during the life cycle of a project. Risk include any potentialities that could impact the project's timeline, performance or budget.
On large-scale projects, risk management strategies may include the development of a detailed Risk Management Action Plan providing planned responses ensuring mitigation strategies are in place should issues arise. For smaller projects, risk management might mean a simple, prioritised list of risks.
Qualitative and Quantitative risk analysis techniques are used by Projecx in assessment of project risk in order to deliver a comprehensive Risk Management Plan. All risks identified within a project are assessed and prioritised in accordance with qualitative risk analysis using probability/impact assessments and scales developed in conjunction with our clients to ensure consistency. Selected risks are then analysed using quantitative measures to determine the impact in relation to time and cost.
Using quantitative techniques such as the Monte Carlo simulation, decision tree analysis, and expected monetary value analysis will often require additional time, data and specialist software. Such analysis will help us determine the probability of achieving our scheduled objectives and help justify monetary contingency reserves once a dollar value is able to be associated with the risk.
Projecx works with its clients to develop, monitor and communicate risk management through the entire project team. Project Completion Reports allow a wrap up of lessons learnt to ensure continuous improvement and provide a historical database for an organisation.