Clients are often concerned about the accuracy of estimates and the derivation of contingency. The only 100% certainty is that the estimate and actual outturn costs will not be the same! The nature of an estimate often comprises items where the amount of information known is very good through to a complete guess. Similarly, contingency...
Shortly after the draft ISO31000 was released a worldwide group discussed some of its merits and weaknesses. One question asked was whether “objective” should be defined in the standard. As the standard defines risk as “the effect of uncertainty on objectives” this was an important question. There was a diversity of views but I suggest...
There are many techniques for identifying risks but we have found the most useful to be a Risk Breakdown Structure (RBS). The RBS is a framework that once developed can be used for risk management across an organisation from a project through to business up to strategic planning. (Basically any planned business activity with an objective.)...
RiskTools evolved as a result of Consultancy work undertaken with many Clients. The processes that were developed sprung from AS/NZS 4360 which (as with many) standards describes “What” needs to be done. (The processes also support the latest standard – ISO 31000.) The “What” raises the question of “How” which in turn drives what is...
