M4.1 Risk Identification & Assessment

Collaborative work -n-progress contributed by members and experts from across the community cadre.The Project Controls Open Standard brings together practical project controls knowledge in one free,…

1. Practical outcomeThe learner should be able to plan and conduct a proportionate review of project-controls data, processes and outputs; test evidence against stated criteria; identify material weaknesses; communicate their consequences; and verify corrective action. They should distinguish…

1. Practical outcomeThe learner should be able to turn validated project-control evidence into a clear report that enables a named audience to decide or act. They should select the information appropriate to that authority, explain material exceptions and causes, connect current performance to…

1. Practical outcomeThe learner should be able to produce one coherent view of expected project outcomes by reconciling schedule, cost, physical accomplishment, acceptance, commercial exposure and uncertainty. They should identify inconsistent assumptions, distinguish target from forecast, build…

1. Practical outcomeBy the end of this section, the learner should be able to establish, explain, govern and reassess cost and schedule provision for uncertainty without hiding it inside the base plan. They should be able to distinguish base budget or duration from contingency and, where the…

1. Practical outcomeBy the end of this section, the learner should be able to turn an analysed threat or opportunity into a controlled management response that is proportionate, owned, time-bound and integrated with the way the project is actually delivered. They should be able to distinguish a…

1. Practical outcomeBy the end of this section, the learner should be able to take a defined project objective, a credible current schedule or cost model, and a selected set of material uncertainties and turn them into a transparent quantitative view of possible outcomes. They should be able to…

1. Practical outcomeThe learner should be able to take identified risks and assess them systematically so that management attention focuses on what matters. They should be able to assess probability and impact, apply a scoring framework, use a matrix appropriately, consider other relevant factors,…

1. Practical outcomeBy the end of this section, the learner should be able to establish a disciplined risk-identification process that finds, frames and records uncertainty before it is scored or modelled. They should be able to distinguish risks from issues, assumptions, dependencies, decisions…

1. Practical outcomeBy the end of this section, the learner should be able to produce and challenge a credible cost forecast that explains what the project or package is now expected to cost, why that expectation differs from the authorised baseline or prior forecast, what commercial and delivery…

Several months ago, I was engaged as the planning lead with one of the most significant infrastructure organisations.My assignments appeared straightforward: to provide independent planning expertise and advise senior stakeholders on the most appropriate software solution to support the extensive…

Sunchana Johnston