We support the economic evaluation of major projects by integrating the quantitative impact of risks and uncertainties within the financial model. This typically involves being involved in the process of risk identification, mapping and modelling (it is not just a modelling exercise that can be done after a risk assessment has been completed).
Typical outputs of such processes included:
- Revised project plans, in terms of the structure and activities of a project (e.g. inclusion of risk mitigation measures).
- An improved understanding of the likelihood of achieving a particular outcome (e.g. base case).
- A transparent process to set targets and the required contingency levels.
- Improved resource planning.
- An increased chance of project success.
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