Description

Various factors and practices can negatively affect the performance of capital projects; however, many industry studies identify insufficient risk management as one of the common key contributors. The goal of risk management is to prevent and reduce the threats a project may face before they occur, while minimizing the impacts of an unpreventable or unforeseen risk.Projects aren’t the only organizational risk, as companies must also consider risk management for their enterprise, assets, suppliers, cyber programs, etc.This presentation will review how to identify, understand, manage, and mitigate risk factors for a portfolio of projects, assets, and critical operational functions.

The presentation will discuss the three risk analysis approaches; qualitative, schedule and quantitative analytics and how to apply them to a portfolio of projects or risk entities across the enterprise.The concepts presented leverages utilizing a checklist methodology documented by certain PMI studies which will be discussed.This approach identifies risk categories, elements, with specific weighted values to comprise a project risk score which is the qualitative analytics.The next step for a project is to perform a schedule risk analysis with simulation and followed by the development of a risk register with events and mitigation actions.

Mr. Carlos Mendizabal, President of ARETE Consulting Services Inc. is the presenter.He has over 35 years providing consulting services to government, utility, and engineering construction organizations in matters of technology, cyber security, and risk management.His career includes founder of a technology company CorDax which he ran for eighteen years, Vice President at MasTek, a power engineering firm for eight years, and founder of ARETE which specializes in risk management for the infrastructure sectors.