Risk Management

Risk Management

Risk management is defined as the effect of uncertainty on objectives (ISO 31000). Inherent risk arises from the work that has to be undertaken to deliver the project. Contingent risks are those events that may arise and if they do occur could give rise to a significant cost impact.
In our workshops a team undertakes a detailed review of the risks and assesses a range of values (Best Case and Worst Case).The values are then used in a Monte Carlo simulation. The resultant reports show inputs, the range of outputs and a Tornado diagram that identifies the items with the biggest impact on the “bottom line”. Reviewing the items regularly over time as the project progresses enables the accuracy to be improved.
BenefitsA more enlightened contingency assessment that reflects the risks at any point in time.
Workshops give rise to discussions on each risk item which improves the quality of the data.
The Tornado reports enable risk/estimate items to be prioritised and show where treatments and additional information will have the greatest effect in reducing the contingency allowance.

For a free ebook on risk management click on the link 
https://www.risktools.com.au/project-management-ebook-overview/

Let our team help you reduce your exposure to risks. 

Contact us: 03 9653 9076  Consulting  Recruiting  Training

Michael Latin  B Eng

Michael specialises in Commercial Risk Management, Business Strategy, and Business and Project Recovery.Michael advises and assists organisations to identify, manage, mitigate, and when necessary, resolve contract, commercial and business risk.

Industries include Construction, Building Services, Asset Management, Transport and Social Infrastructure (Education, Defence, Rail, Road, Utilities, Corrective Services), Public Private Partnering (PPP), Resources (Mining, Oil & Gas), Business Services and Information Technology.

Michael is passionate about Organisational Change.