Are Caring about the Penalty Clause in a Mega Construction Project? 3 Questions Need to be Addressed!
Key Words Construction, penalty, Delay, Contractor, Client, Owner, Construction Project, Project Delivery, Project Controls, Brown Field, Green Field, Cost Estimates, Schedule, Integrated Cost Risk Analysis, Risk Register, Execution, Planning, Remote Area, Skilled Labor, Material Handling, Bulk Material, Construction Equipment Need Services? Contact us! QUANTITATIVE RISK ANALYSIS Summary In construction contracts, usually a limit is put […]
5 Ways Risk Management Software Can Help Your Business. Are You Still Not Considering Risk Software?
Keywords Risk Management Software, Risk Software Implementation, Risk, Schedule Risk Analysis, Cost Risk Analysis, Monte Carlo Simulation, Risk Register, ERM, Qualitative Risk Analysis, Quantitative Risk Analysis, Schedule, Cost, Dashboards, Data, Business Risk, Financial Risk Contact Summary Risk software is the most important asset of your business’s overall risk management system. You can’t afford to implement […]
Construction Procurement, Procurement Strategy, Long Lead Item, Gas Process Facility Construction, Sensitivity Analysis, Monte Carlo Analysis, Procurement Risk, Distribution Graph, Cumulative distribution graph, Quantitative Schedule Risk Analysis, Quantitative Cost Risk Analysis
Risk Register – Doodle , a visual illustration in an easy way! Also read: https://www.gleeym.com/2019/11/20/communicate-with-risk-register/ My post related to Risk Register template was viewed by 30,000 people and more than 15,000 people have downloaded the template. I have made this doodle to describe the simple steps required to capture information in the risk register. https://youtu.be/6pUvkNm8-Hs QUANTITATIVE […]
It was a great interactive risk management process walk through with real examples. Discussed: 1- Risk Management plan along with its components 2- Risk Identification. Using sticky notes digitally. 3- Qualitative Risk Analysis. Discussed in details Risk Matrix and who aligned it with Enterprise Risk Management. 4- Quantitative Risk Analysis. Discussed schedule, schedule audit, cost […]
Summary In Oil & Gas industry projects are always complex whether onshore or offshore. Remote locations, site access, communities, resources constraints and long lead items (LLI), etc. can be challenging to execute the project. Performed schedule and cost risk analysis with uncertainty using Monte Carlo simulation for Condensate Process and Storage Facility Project. Even developing […]
Product Development: Before discussing anything on product development let us discuss what is the product? Precisely, a product is ‘Any Thing or Things produced’. More precisely, as per engineering and manufacturing perspective, products are purchased as a raw material and sold as finished goods. In a real world, Product can be tangible or intangible. Typically, either conceiving a […]
One – Point estimation reflects one value per activity. It is based on expert judgement, experience, expert opinion or historical information. Fear of padding is always a major concern with one-point estimation. Also, it does not reflect risk or uncertainty associated to schedule or cost estimation. Therefore, Three-point (3) estimation is preferred for activity duration […]
Introduction Tough, rigid, and uncertain conditions ground and environmental conditions in a remote location can be treacherous. Weather calamity can be a known-unknown or unknown – unknown event with huge impact. Generally, quantitative cost & schedule and Cost (QSRA & QCRA) model are developed for catastrophic events like Hurricane, Tornado and flood etc. Case Study […]
This is article is on RISK Register. It is equally applicable to Portfolio, program, project and ERM etc. Throughout the article for the simplicity Risk Register is referred to Projects only. Key Words Risk identification, Risk communication, risk assessment, risk evaluation, risk meta-language, Qualitative Risk Analysis, Risk , Causes, Causation, Schedule, Cost, quality, Risk score, […]