Management of risk is essential for the success of all activities that businesses undertake. In addition to the risk management software solutions developed by Prism Energy, we also supply fully experienced risk management consultants to help businesses fulfil their objectives.
We have experience of project risk management, business risk management and HSE risk management as well as the development of bespoke risk management systems.
Risk management is the identification, assessment & control of risks that relate to activity.
Risks exist in every activity that is undertaken and can be categorised as either threats (negative) or opportunities (positive).
Effective risk management enhances the opportunities & reduces the impact of threats, to maximise the chance of success.
To learn more about how our Risk Services can help your project or business get in touch today.
Schedule risk analysis (SRA)
Schedule risk analysis is a process to help you fully understand your schedule. Include uncertainty and risks in your schedule to generate realistic probable outcomes.
Schedules are based on estimates and therefore have an inherent level of uncertainty. All activities also include an element of risk that an affect the outcomes of a schedule.
Schedule risk analysis allows you to include both uncertainty and risk to generate an output that will define your probability of success.
Defining a potential minimum, maximum and most likely duration and including relevant risks allows us to generate P10, P50 and P90 scenarios using Monte Carlo Analysis.
The software also generates a tornado chart that lists the main drivers/threats that affect the duration of the schedule.
Schedule Risk Analysis is beneficial for all types of projects and shutdowns/TARs. Our analysis will also provide information to help improve your chances of success. Creating a tornado chart will highlight the activities and risks that are having the biggest overall impact. This information will allow you to focus resources on the key areas.
To learn more about how our Schedule Risk Analysis can help your project or business get in touch today.
Cost Risk Analysis (CRA)
Cost Risk Analysis is a process to help you fully define your budgets and estimates. Include uncertainty and risk in your estimates to help define suitable contingency levels.
Project budgets are usually created from a variety of estimates. Each of these estimates will have a certain level of uncertainty and risk that can impact the final cost. Cost Risk Analysis allows you to include uncertainty and risk for each cost element to allow Monte Carlo Analysis to create a probabilistic range for your overall budget. Defining minimum, maximum and most likely cost values and including relevant risks will allow you to define P10, P50 and P90 cost estimates.
Understanding the potential ranges of your cost estimate will allow you to define a suitable level of contingency that takes into account the key areas of uncertainty and risk. Our analysis will also create tornado charts and distribution profiles to highlight the areas with the biggest impact to the overall estimate. This will allow you to focus resources in the areas that will have the biggest cost impact.
Cost Risk Analysis is a powerful tool for creating budgets that are risk based and therefore more likely to be met.
To learn more about how our Cost Risk Analysis can help your project or business get in touch today.