Our portfolio of Risk and Opportunity Management (R&O) uses a blend of techniques and software to identify, document, analyse and consider cost, risk and opportunity. This process results in advice to assist in the management or mitigation of project uncertainties.
We consider the uncertainties relating to risk and opportunity as including planned, unplanned and optimism bias (the systemic tendency for an over-optimistic view for the outcome of planned actions and events, including the over-estimation of the likelihood of positive events and the under-estimating of the likelihood of negative events) and we use @Risk software to model the R&O employing Monte Carlo simulations.
Using a methodology to quantify risk and opportunity on scope and range (Planned Risk), our team facilitate workshops to establish qualitative risk registers dealing with risk and opportunity that typically follows AS/NZ4630 (currently superseded by AS31000). Using @Risk, our team delivers a quantitative assessment of the R&O relating to these unplanned uncertainties, and to identify areas that may be mitigated.
We understand the propensity for projects to exceed budgets and will model the optimism bias to compensate, using techniques recognised by major infrastructure providers in Australia and Europe. We use similar techniques to assist our clients in managing programme and time related risks.