Everything about Risk Analysis Engineering totally explained
Risk analysis is the
science of
risks and their probability and evaluation.
The term
cindynics (from the
Greek kindunos, "danger") has been proposed for this field. This term is used in France, but hasn't been widely adopted in the English-speaking world.
Probabilistic risk assessment is the analysis strategy usually employed in science and engineering.
Risk analysis and the risk workshop
As part of the
risk management process
risk analysis for each
project should be performed. The data of which would be based on risk discussion workshops to identify potential issues and risks ahead of time before these were to pose cost and/ or schedule negative impacts (see the article on
Cost contingency for a discussion of the estimation of cost impacts).
The
risk workshops should be chaired by a small group ideally between 6 to 10 individuals from the various departmental functions (for example project manager,
construction manager, site superintendent, and representatives from operations, procurement, [project] controls, etc.) so as to cover every risk element from different perspectives.
The outcome of the
risk analysis would be the creation/ review of the risk register to identify and quantify risk elements to the
project and their potential impact.
Given that
risk management is a continuous and iterative process, the risk workshop members would regroup on at regular intervals and project milestones to review the risk register mitigation plans, make changes to it as appropriate and following those changes re-run the risk model. By constantly monitoring risks these can be successfully mitigated resulting in a cost and schedule savings with a positive impact on the project.
Further Information
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