Risk Management Consulting Services and Training
RiskTrak International (RTI) stands ready to address the need for any Risk Management consulting or training from its customers, as generated through sales of the RiskTrak™ product, or through its affiliates.
- World-class Experts
- Broad-based Experience
- Focused on Risk Management
RTI has extensive international and domestic consulting experience, including: Project management consulting and training; Executive support; Strategic planning and reengineering; and technology assessment/development. In addition to risk management, RTI consultants have broad industry experience including: Engineering, Construction, Technology, Petrochemical, Military, Systems Development & Integration, Healthcare, Manufacturing, Education, and non-profit corporations. They are Certified Professional Consultants to Management (CPCM), and/or Project Management Professionals (PMPs), well-versed in Business / Risk Management, Economics, and Finance. More information can be found on our client list.
Qualitative Risk Management and Analysis
In this analysis we use Interviews and other qualitative tools to begin the risk management process.
- In this process the questions that facilitate scaling the probability for risks can be put into Interview Experts of RiskTrak™ software
- Definitions of levels of impact created in general will be reviewed, tailored, and applied to the specific project
- The interviewees will be asked to estimate the probability and impact for each of the risks
- Normally, RiskTrak™ software will be used to analyze and sort the risks
- Risk responses will be proposed, their cost and effectiveness reviewed for inclusion in both the Risk Register and Project Plan. Project scope statements, cost estimates, and schedules will also be revised according to the decisions made in the risk management activities
Quantitative Schedule Risk Management and Analysis
This is analysis of the summary schedule.
- The analysis task starts with an evaluation of the suitability of the schedule for simulation
- Interviews with refinery project participants (and experts from other refineries if possible) will establish the 3-point estimates of duration for each important task. Databases available to establish these ranges will be examined. Any correlation, probabilistic branch for test failure, or conditional branch for scenario modeling can be identified in these interviews
- Monte Carlo simulations will be performed. It is suggested that the client (company) adopt a target for the schedule contingency that is appropriate at this stage of development (e.g., 90% likelihood of success in addressing the risks)
- The risk criticality of the schedule tasks may indicate some paths, in addition to the traditional critical path, that need risk mitigation
Quantitative Cost Risk Management and Analysis
This activity is where we will examine cost risk for the first time.
- The first activity is to model Cost (in Excel) in a way that can incorporate the risks of the schedule analysis (# 2 above)
- The next task is to interview refinery experts for development of the risk parameters of cost risk concepts
- Finally, the results from the schedule risk are introduced into the cost model and included in the cost simulation to provide a more accurate idea of cost risk as it relates to schedule risk
- Here we anticipate working with Risk+® and Crystal Ball®, two powerful and popular software packages available in commerce
- We can identify the cost risk elements in the systems that have the highest priority for risk mitigation