Risk Management
Risk Management is essentially dispute resolution in reverse. In other words, we take our experience from having worked on many disputes and apply the same basic techniques to assist our clients with risk assessment. The experience developed in dispute resolution work has given us tremendous insight into where projects fail, and that has made us very successful in performing risk management services. Our services in risk management include:
- Contract Risk Evaluation Spreadsheet: We
prepare a contract risk assessment spreadsheet, which highlights the
portions of a contract that present the most risk to our client. This
spreadsheet allows the client’s project management team to more
efficiently management the project by correctly utilizing the contract.
- Schedule Risk Evaluation: We evaluate our
client’s project schedule and determine every project task (activity)
that could become critical over the course of the project. We then
meet with the project team and determine the definition and the basis
of each task identified. With that team, we then evaluate and score
each task based on the likelihood of the project completing that task
on time. The percentage of tasks with low scores is compared to the
total number of tasks in the schedule, which gives a risk percentage
of completing the project on time.
- Project Management Team Evaluation: We
evaluate project team’s abilities to perform on a specific project
based on their previous work experience and the type of project being
executed. We then provide recommendations to the client based on our
opinions of how to enhance the team’s chances to succeed on
the project.
- Project Management Assistance: We often
assist our clients during the execution of their project by offering
general advice, drafting of letters, review of subcontractor schedules,
review of subcontractor earned value progress documentation, subcontract
management, cost collection advice, and many other areas that can
reduce project risk.
- Risk Mitigation: Once project risks are identified, we develop action plans to mitigate those risks in the event that one or more actually occur. The goal in this risk management approach is to avoid having the disruption of any single identified risk from controlling the successfulness of the project. The success of these action plans requires a periodic audit to keep track of how the project risks change over the execution of the project.
References furnished upon request.
