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What is Project Risk Management?
Project Risk Management (PRM) is a systematic approach of identifying, analysing and managing risks throughout a project life-cycle. The main purpose is to secure the attainment of project objectives. Project objectives relate to dimensions such as safety, health, environment, cost, cash flow, schedule and other non-financial performance.
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What is Project Risk Management?
The PRM Process
The Benefits
Our Solutions
Our Experience
The PRM Process
The generic PRM process can be described in five steps:
  • Initiate the PRM process.

  • Identify risks and opportunities.

  • Analyse risks and opportunities.

  • Make action plans.

  • Monitor and follow-up.

Information is managed concurrently to ensure effective communication and tracking.
The Benefits
The key benefits to be gained from effective project risk management are:
  • Alignment of stakeholder objectives.

  • Increased focus on important threats and opportunities.

  • Creative idea generation and increased value add.

  • Facilitation of cost effective solutions.

  • Less surprises and time spent on crisis management.

  • Decreased variation from budget and schedule.

  • Maximise profit and achieve project success.

  • Smoother path through tollgating and approval processes.

Our Solutions

Ibis helps clients develop and deliver focused and cost-effective approaches to the management of project risk. We seek to help clients manage both downside risk and opportunity. Our goal is to assist clients develop 'enlightened caution' and controls that deliver value.

Ibis can provide a suite of project risk management services:
  • Project needs / requirements analysis to ensure the project meets corporate objectives.

  • Development of project risk frameworks and plans to ensure effective risk management of projects.

  • Project risk assessments covering the entire project life-cycle - conception, feasibility, design, construction, commissioning and abandonment.

  • Safety, environmental and business risk assessment.

  • Value engineering workshops.

  • Application of value improvement practices.

Our Experience
Ibis has successfully completed a variety of project risk studies at various stages of the life cycle including:
  • Ibis conducted a project risk assessment for the Rio Tinto Coal Kestrel mine expansion. The scope covered the full spectrum of business and safety risks for the construction and mining. It also included a high level risk identification and options analysis for other expansion options.

  • Ibis has provided BHP Billiton (Nickel West) with project risk services for its Autonomous Haul Truck project including business risk, safety risk assessments and the generation of a Safety Case.

  • Our consultants have experience in Options Analysis using a variety of tools including the use of a multi-criteria decision making methodology. This provides assurance that the optimal solution is chosen.

  • Project Management Team OHS Programs have been developed, customised and delivered extensively for project managers, project, engineers and supervisors in Aker Kvaerner, Melbourne Water, VicTrack and Connell Wagner.

  • Ibis has conducted constructability, maintainability and operability workshops for TWP Australia incorporating the application of value improvement practices.

  • Ibis developed a set of risk tools for United Water and provided training to enable the company to better manage its projects.

  • Ibis conducted a risk assessment and prepared a project risk register for the Iluka Resources Murray Basin and Jacinth Ambrosia Projects. The risk register covered the full spectrum of project risks such as safety, community, environment, cost and time.

For more information call us on: 03 9005 4615  |  To download a PDF version of this page, please CLICK HERE