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Risk Analysis – What could possibly go wrong? Lessons learned over many years of Conducting Cost and Schedule Risk Analysis Exercises

Risk Analysis – What could possibly go wrong? Lessons learned over many years of Conducting Cost and Schedule Risk Analysis Exercises

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Risk Analysis has long been identified as contributor to project success. However, a poorly conducted risk analysis is at best a waste of time and at worst may lead the project team down the wrong path. Risk Analysis has developed a mixed reputation in the Project Management community, with bad results leading some companies/projects only conducting Risk Analysis when required by an Owner.

In this presentation, we will discuss the potential traps that await someone conducting risk analysis and how to navigate the minefield of bad data, bad information and bad intentions to get the best possible results. We’ll use real-world examples of things gone wrong and how (in retrospect) they could have been saved.

We will also discuss the best way to prepare the project team for the Risk Analysis exercise and how to present the results to the team in a constructive manner.

Finally, we’ll talk about trends and best practice in Risk Analysis and how recent changes in technology have made Risk Analysis modelling easier, faster and more useful to the project team.

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