Slattery’s costing team includes specialists in risk management. Risk is a key element in any project and must be captured in the overall budget. Our approach will ensure that the project risks (inherent and contingent) are:
- properly captured and costed
- risk registers developed to establish the likelihood of the risk occurring and the potential cost of this risk if and when it eventuates
Slattery undertakes a risk analysis, which analyses both qualitative and quantitative risk assessments, to fully capture the extent of risks and opportunities that are applicable to a the specific project.
As part of our risk management advice, we will chair risk workshops where the team will identify all risks and categorise them in relation to their consequences and the likelihood of them occurring, in addition we suggest identifying risk owners to ensure these risks are managed by the most suitable stakeholder.
Once these steps have been completed, we use @risk to produce a probabilistic estimate of the likely cost implications. This is used by Slattery’s cost team to carry out its assessment of risk on projects.
- First-hand experience in the actual management of delivery risks as a client;
- Significant hands on experience in QRA processes including as facilitators and as participants in workshop forums;
- A deep ‘first –principals’ understanding of QRA inputs including likelihoods/probabilities, timing of impacts/consequences and quantification of cost drivers (program, direct work costs, financing costs, indirect costs etc.);
- Significant experience in running Monte Carlo analysis of risk and pragmatically interpreting the results including identification of the risks with the greatest volatility and impact on the project;
- Provided ongoing risk management of projects throughout their life cycle, from strategic planning through to delivery and operation.