- To assess the impact and likelihood of identified risks and to prioritize risks according to their potential effect to production facilities, project time scale and personal accident production and help mitigation of the same.
- To highlight in order of potential of risk, likely cause and potential triggers, reduction and / or removal and the mitigation time frame.
- To identify the sources of risks like financial, research and development, production, human resources with requisite experience, administrative, strategic, inadequate project definition, lack of communication, improper contract practices, lack of management continuity, failure to identify adverse trends at an early stage, failure to identify and manage site specific difficulties such as infrastructure, logistics, cultural and language requirements, failure to identify problems at early stages, vendor and contractor selection, technical and operation problems etc.
- To analyze numerically the probability of each risk and its consequence on the project objectives as well as the extent of overall project risk.
Software used – Primavera Risk Analysis
Oracle’s Primavera Risk Analysis is a full lifecycle risk analytics solution integrating cost and schedule risk management. PRA provides a comprehensive means of determining confidence levels for project success together with quick and easy techniques for determining contingency and risk response plans.
As a decision support tool for determining confidence levels regarding project costs and schedules, Primavera Risk Analysis delivers an objective view of required contingencies and an analysis of the effectiveness of proposed risk response plans. These combine to form the basis of a risk-adjusted schedule—now a standard part of the planning and scheduling process.