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There’s a reason why we brand our workshops as “Confidence” Workshops rather than the overly used ‘risk workshop’ offering. While we adopt highly analytical risk models, what we really bring to the table is confidence. Confidence in the achievability of your project; confidence in the effectiveness of your planned mitigation strategies; certainty in meeting project time and cost objectives.
To date, we have executed literally hundreds of risk assessments around the globe on many different types of projects. If you work with a Fortune 500 company, the chances are, we’ve helped one of your projects.
Not one to rest on our laurels, while we are proud of our track record, we are continuously looking for ways to make our process easier and the results more and more accurate. Today, we bring AI and benchmarking to a more modern and effective risk assessment.
A CSRA (cost and schedule risk assessment) workshop is a collaborative event involving a project team, typically discipline leads, lead planners and engineering managers that is facilitated by a third-party facilitator.
The overarching objective of a risk workshop is to obtain true consensus on the team’s expert opinion on certainty project scope that can then be used to build a quantitative risk model.
A risk workshop is a key part of what is commonly known as a Project Risk Assessment.
Certainty is the most valuable insight a project can have. A project forecast is nothing unless there is associated certainty.
At PMFocus, we believe that all risk-adjusted forecasts should carry at least a 75% or higher certainty.
A schedule forecast should be achievable and reflective of reality and should have at least a 75% or higher certainty in being achieved. If not, it is little more than a pretty picture.
A cost estimate should have appropriate base costs, contingency and margin allowances embedded within it. A cost risk analysis objectively determines what these relative values should be in order to appropriately counteract the impact of risk.
Knowing what your cost and schedule risk exposure is only half of the picture. The other half is knowing what is causing this exposure and more importantly, what you need to do to reduce this.
At PMFocus, we believe homing in on the cause of risk is as important as reporting risk itself.
One of the biggest benefits of our approach is driving projects towards a more pro-active risk reduction mentality. Understanding how effective a risk mitigation strategy is through cost/benefit analysis enables a project to make an informed decision on how best to respond to risk exposure.