Customised probabilistic risk assessment represents the vital element in budget planning and project success.
Probabilistic Risk Assessment is mandatory for most projects, but most importantly, assessments must be carried out professionally, astutely and with an in-depth understanding of the nuances of the project, to achieve budget and cost control to successful project completion. Backed by reputation, experience and knowledge, MIEngineers’ risk assessment services are highly regarded and sought after by government departments, civil designers and other stakeholders.
Probabilistic Risk Assessment Service. Customised, Realistic.
MIEngineers work closely with clients to ensure risk assessments reflect real world conditions and outcomes in the preparation of probabilistic cost estimates and construction programmes.
MIEngineers provide probabilistic assessments through Monte Carlo simulation, a process which involves both inherent and contingent risk components.
Inherent risks are assessed at all preconstruction stages from high level strategic planning to a detailed assessment of risk and uncertainty within individual quantities, rates and programmed durations.
For contingent risks, capabilities range from integrating a client’s own risk register into our cost estimates and construction programmes to preparing a project-specific risk register using our own in-house experience to capture and quantify the likelihoods and consequences of potential project risks.
We customise our risk assessment process to best suit the level of information and knowledge at hand, so our clients not only get value for money but also receive a realistic representation of the project.
Risk Analysis, Identification, Management.
As risk analysis and management professionals, MIEngineers also assists clients to identify a range of project risks and provide advice on managing the risk to bring differences within acceptable limits.
- Governance and reputational risks.
- Advising on environmental factors of the contract
- Looking beyond relevant legislative requirements to ensure the contract delivers sustainable infrastructure.
- Development of a risk register
- Facilitate Risk Workshops
- Quantify risks, undertake analysis using @RISK software.