Return on Investment
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Risk Workshop ROI
Schedule achievability
One of the main benefits of conducting a risk assessment workshop is to determine the degree of realism and achievability of a project schedule and/or cost estimate. A well facilitated risk workshop will provide insight into:
- How well the schedule has been developed – quality and structure of the schedule
- True critical path(s) - understand the longest, most complex and riskiest paths through to project completion
- Consistency of detail – validate consistency of planning throughout the Work Breakdown Structure as well as for the entire duration of the project
- Risk hot spots – high risk activities and key risk event drivers that will undermine the project's successful on-time, on-budget completion
- Risk mitigation scenarios – alternate scenarios to reduce cost and schedule risk exposure
Accelerated completion
A successful risk analysis (Acumen S3) provides an excellent basis for schedule acceleration (Acumen S4). Use the results from a risk analysis to pinpoint which activities and network paths provide the biggest opportunity for schedule acceleration. Reduce not only risk exposure but actually accelerate key milestones and project deliverables yet still achieving increasing confidence levels.
Reduced project costs
Lower risk exposure, less required contingency, fewer risk hot spots and hidden critical paths all lead to reduced project costs and potential cost overruns. Acumen's risk workshops focus the project team on setting realistic project forecasts as well as accurately determining required contingencies in context of the risk exposure of the project.
Risk exposure reduction
In addition to determining risk exposure, Acumen risk workshops provide deep insight into alternate scenarios that provide accelerated schedules and reduced risk exposure. Pinpoint activity hotspots that are most driving the project's risk exposure; identify and resolve hidden critical paths; reduce risk and complexity along the high risk paths in the schedule and determine whether applying contingency or investing in mitigation efforts is the most effective path towards risk reduction.
Mitigation planning
Acumen's risk workshops focus on pro-active risk reduction through detailed mitigation planning and Return on Investment (ROI) analysis. Once schedule hot spots in the schedule and associated key risk event drivers have been determined, the facilitated workshop guides the project team through a mitigation planning process. Determining not only the mitigation steps and resultant post-mitigated probabilities and impacts, but also the cost, time and effort involved in executing these mitigation steps enables a detailed ROI analysis to be conducted. This provides a unique insight into alternate mitigation scenarios providing the project team with defendable facts and data regarding which mitigation strategies should be carried out.
