Project Risk Management, Energy & Utilities
Risk Assessment on Offshore Facilities
The project foresees the drilling and completion of subsea wells and the construction of a new unmanned platform connected to an existing production facilities.
kwantis went through the identification of main cost and schedule risks and quantified their potential impacts on two different Project scenarios.
The aim of this Cost and Schedule Risk Analysis is to address the uncertainties regarding the project in terms of Cost and Duration and also help identify potential mitigation actions and fall back plans in order to reduce effects of the risks.
Typically a quantitative analysis is divided into three main activities: a)Data Collection and experts interviews, b) Cost and Schedule Risk Model (in this case using Acumen Risk), c) Analysis of the results, including a Sensitivity Analysis on project main risks and on comparing the 2 alternative development scenarios.
"Address project development scenarios from a risk perspective and increase visibility of the decision body"
Finally, the approach and the results were first reviewed and successfully validated by an independent reviewer, then the study was presented to the partners and supported the decision towards the most conservative scenario.