Exponent’s Construction Consulting professionals provide leading companies in risk intensive industries with comprehensive, proactive project risk and opportunity assessment services that enable clients to more successfully manage projects on time and within budget. Complex construction projects often require a more effective determination of project cost and schedule contingency than traditional approaches allow. Exponent ‘s Project Risk Assessment services provide an analytical approach to establishing contingency, and developing an effective risk management program.
Every construction project or government procurement possesses a unique set of challenges and risk levels. To help our clients arrive at the appropriate level of risk tolerance for each undertaking, Exponent works with client teams to tailor the Project Risk and Opportunity Assessment process to suit the size and needs of each project. This approach, when combined with Exponent’s expertise in diverse technical disciplines, enables us to develop a comprehensive window into the risks associated with the project and develop comprehensive mitigation plans to manage the risks.
The chief components of our suite of services in this area are described below.
Risk Evaluation and Assessment
To help form a solid foundation on which to ascertain appropriate project risk and opportunity, Exponent collaborates with key project team members to:
- Evaluate the project cost estimate, schedule, and project execution plan
- Identify and assess project risks and opportunities
- Quantify the potential cost and schedule impacts and probability of occurrence of each risk and opportunity
- Establish a project risk management plan including the development of risk mitigation strategies.
Exponent’s combined expertise in the areas of construction and project management, scheduling, cost analysis, and Earned Value Management Systems (EVMS) reporting, coupled with its deep technical engineering expertise, provides unique insight into identifying and documenting risks and establishing effective mitigation strategies to minimize the impact of the risks should they occur.
Probabilistic Cost and Schedule Analysis
Probabilistic scheduling involves the application of statistical methodologies in conjunction with traditional critical path scheduling. This technique identifies both general uncertainties in schedule durations, as well as specific risk events that can threaten the timely delivery of a project. Analyzing the schedule with probabilistic methodologies provides the analytical basis for schedule and cost contingencies. Probabilistic cost and schedule analysis also allows for the evaluation of different project scenarios and their impact on the completion of the project, serving as a powerful tool for identifying, managing, and mitigating project issues before they threaten the delivery of a project.
Exponent works with clients to facilitate the implementation of a risk and opportunity management program and deliver a defined set of risk management processes and procedures to leverage uniformly throughout a project portfolio. Drawing on the information compiled within the risk register, and yielded from probabilistic cost and schedule analysis, the ongoing project risk assessment program becomes more insightful and valuable in its ability to mitigate critical risks inherent to complex construction projects.
Exponent provides clients with ongoing support for tracking and monitoring risks throughout the course of a project in a variety of ways such as establishing project governance programs, managing the risk register, meeting periodically with key project team members, and providing overall support to examine challenges that may arise from technical issues in engineering, scheduling, construction, regulatory, or other areas.