Capital Project Petrochemical Process Plant, IRR, and NPV Analysis – Webinar
Capital project for the petrochemical process plant (downstream) is slightly different from other capital projects. It requires estimating Total Installed Cost (TIC) plus Owner cost in order to find the complete project cost. Cost estimation for petrochemical process plant is comprised of equipment specification and definite plant facility information. In this case study, there are […]
Risk Register – Doodle
RIsk Register – Doodle, a Visual illustration! How? he Risk Register, risk log, a repository to record, analyze and store risk data. According to IRM’s A Risk Practitioners Guide to ISO 31000: 2018: “The nature and extent of communication of the information contained in the risk register throughout the risk architecture of the organization also […]
Risk Management with Mind Maps
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 […]
Decisive Decision Making for Digital Risk Management (DRM) – A Headway to Digital Transformation
Digital Transformation Aligning resources to remain competitive and meeting strategic goals are cumbersome in this era of “Digital Transformation”. Digital transformation is reshaping the corporate world. Pursuing the digitizing requires a sense of urgency, change management agents, and the ability to choose the optimal decision based on the data. Decision making requires Data as input and presenting data in […]
Integrated Cost and Schedule Risk Analysis (IRA). Why? 5 visuals explain it!
Summary In Oil & Gas industry projects are always complex whether onshore or offshore. Remote locations, site access, communities, resource 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. Developing a […]
Planning and Implementing EPPM for PMO using Mind Mapping. How? 1 Picture Illustrates
Planning and Implementation of EPPM for PMO using Mind Mapping. How? 1 Picture Illustrates A Digital Transformation program with intensive change management initiative to digitize PMO. Used methodology of MindMapping for planning and facilitating workshops with Stakeholders. Enterprise level Software Implementation Project Management using MindMap – Digital transformation project. Facilitated the workshop with key stakeholders […]
Decision Tree Analysis for Making Decision Under Uncertainty
Why Decision Tree Analysis? 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. […]
How to Perform PERT Analysis Manually
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 […]
Quantitative Cost and schedule Risk (QCRA, QSRA) Modelling of Weather event.
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 […]
COMMUNICATE WITH RISK REGISTER
This article is on the RISK Register. It is equally applicable to Portfolios, programs, projects, ERM, etc. Throughout the article for 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, probability, safety, […]