Project Risk Management
Project Risk Management (PRM) is usually associated with risks involving cost escalation, delay and the fitness for purpose of the finished article. Our team has developed all of the PRM skills over more than ten years, including facilitation, assessment and mathematical modelling skills. The team provide risk managers for both internal and external projects. The team members include acknowledged experts in this field, who are regularly asked to lecture and give seminars.
We have been involved as Project Risk Managers or Risk Consultants for a number of high value strategic projects, ranging from development of the project risk strategy, quantification of the risk provision at the board sanction stage through to management of the risks throughout the life of the project. We use best practice PRM techniques such as three point estimating and the use of Monte Carlo analysis. Where our team members excel is in the wealth of experience which has been gained over the last decade in PRM studies for clients in the transport, nuclear, oil and gas, pharmaceutical and finance industries.
In addition, we have embedded Project Risk Management in an organisation by provision of training which included case studies of live client projects. We also provide standard training in PRM as required.
A major area of concern addressed by team members as part of their PRM activities is the interface between different organisations involved in complex projects. Often, risks associated with these are greater than the technical risks associated with the project itself.