Primary Author: Mr. Ahmad Salah
Co-Author(s): Dr. Osama El Sayed Moselhi P Eng
Audience Focus: Advanced
Application Type: Research Venue: 2015 AACE International Annual Meeting, Las Vegas, NV, USA
Abstract: Successful risk monitoring provides early warnings of possible failures in assigned risk mitigation strategy. Early warnings allow risk owners to take corrective actions to avoid or reduce the consequences associated with these failures. Current practice utilizes several risk monitoring and control tools, which are either time consuming or do not consider the performance of assigned mitigation strategy. This paper proposes two newly developed methods; one for risk monitoring and the second is for control to circumvent the limitations of current methods. The proposed monitoring method evaluates continuously the performance of assigned mitigation strategy. It also identifies the appropriate time for control process initiation. The proposed control method utilizes the most effective control action selected based on its respective post control factor (PCF). It also calculates the post control actual mitigation contingency and post control actual efficiency factor to evaluate the risk monitoring and control performance. A case example has been analyzed to illustrate the use of and demonstrate the capabilities of the proposed two methods. Analysis and discussion of results are presented; highlighting interesting observations.
Co-Author(s): Dr. Osama El Sayed Moselhi P Eng
Audience Focus: Advanced
Application Type: Research Venue: 2015 AACE International Annual Meeting, Las Vegas, NV, USA
Abstract: Successful risk monitoring provides early warnings of possible failures in assigned risk mitigation strategy. Early warnings allow risk owners to take corrective actions to avoid or reduce the consequences associated with these failures. Current practice utilizes several risk monitoring and control tools, which are either time consuming or do not consider the performance of assigned mitigation strategy. This paper proposes two newly developed methods; one for risk monitoring and the second is for control to circumvent the limitations of current methods. The proposed monitoring method evaluates continuously the performance of assigned mitigation strategy. It also identifies the appropriate time for control process initiation. The proposed control method utilizes the most effective control action selected based on its respective post control factor (PCF). It also calculates the post control actual mitigation contingency and post control actual efficiency factor to evaluate the risk monitoring and control performance. A case example has been analyzed to illustrate the use of and demonstrate the capabilities of the proposed two methods. Analysis and discussion of results are presented; highlighting interesting observations.