Importance of risk analysis project management

Digital solutions have taken risk reporting in capital projects to a higher level. However, despite these technological advances, it’s challenging to capture a team member’s expert opinion as an input into a risk model.

This article explains the importance of using risk analysis tools in harmony with team members.

Today’s risk analysis tools in the capital projects industry are quite good at what they do — analysis.

However, it remains challenging to leverage expert feedback from team members in the risk model. Pre-mitigated risk models are not as helpful as originally thought.

These models show extreme risk exposure ranges, when what we really need to know is if the planned work is achievable.

If we can capture team members’ expert opinion on the realism and achievability of a plan, we get critical buy-in versus push-back.

Fortunately, a harmony exists between risk analysis tools and planners that is improving schedule forecasting.