All projects are inherently risky. Quantities fluctuate as projects progress, market trends will impact the prices you pay for your materials. Understanding the risks associted with your project and their potential impact to your project costs.
PCP can help you understand the cost risk of your project using industry standard probabilistic monte-carlo simulation techniques to help you ensure that appropriate funding is in-place for your project.
The key cost output from a risk analysis is a proabilistic contingency for the project, which is reflective of the unique register of riks associated with that project. Usually defined as a P50 contingency which would give the project an equal chance of overrunning or underrunning its budget.
As risk workshop hosts, PCP engage with multi-disciplinary project teams to prompt discussion of the potential risks and opportunities of a project.
Bringing together dicipline engineers with project management and other stakeholders allows us to develop a rich understand what uncertainty each stakeholder identifies in the project, and quantify the magnitude and probability of identified risks.
Where potential risk scopes or mitigations are identified, PCP can use our extensive estimating tools to assess the cost impact to the project.