Risk In Complex Operations
Risk Management Tools
Simplifying risk management
Providing risk management tools for better and simpler risk management.
Risk Education
Teaching through examples
We post examples of projects with
different risk scenarios and analyse what went wrong.
Read the latest RICO post
What are drills and how can we use them?
A drill is an activity designed to train individuals or organizations, preparing them for potential challenges and scenarios they may encounter in the future. It serves not only to assess participants' knowledge and skills but can also serve as a learning session focusing on developing new skills and optimizing performance. It is important to remember …
Risk Identification
Risk identification is the initial step in risk management. It involves recognizing potential risks within the scope of a project such as the construction of an offshore wind farm. Effective risk management relies on identifying as many risks as possible. At this stage, the focus is not on assessing the impact or likelihood of these …
The Risk Matrix and Risk Assessment
What is a Risk Matrix? A risk matrix is a commonly used tool in Risk Management. It is applied after identifying the risks and hazards in a project. The matrix helps rank these risks based on their likelihood and potential consequences allowing you to visualize and prioritize them effectively. This process enables you to focus …
risk management
It does not have to be time consuming, complicated and expensive. But unfortunately it is most of the time… Especially in complex projects!
That is why we use risk management tools!
In risk management there is a number of tools, or methods, one can use to identify, rate and mitigate risk. These methods are a combination of simple and inexpensive ones, such as a brainstorming exercise. To the more complicated, expensive and time consuming ones, such as organisational risk governance and organisational risk communication.
The latest about risk management tools
What Are the Different Goals of Risk Mitigation?
There is risk in every stage of a wind farm project, and these risks can lead to both minor and dire consequences. The outcome of not identifying risks and not implementing proper mitigation, can lead to greater hazards for workers, financial consequences and significant impacts on the project timeline. Investing resources in mitigation would be …
Continue reading "What Are the Different Goals of Risk Mitigation? "
Scenario Analysis
Scenario analysis is a strategic planning method used to make flexible long-term plans. It is particularly valuable for managing uncertainty and risk by exploring and evaluating possible future events or conditions. What is Scenario Analysis? Scenario analysis is about developing and analyzing different possible scenarios that describe potential future events. Each scenario represents a set …
Risk Breakdown Structure (RBS)
In project management it is important to identify and manage risks effectively for a successful delivery of the project. A tool for this is the risk breakdown structure, also called RBS. Risk breakdown structure is a hierarchical representation of risks by their categories and subcategories. It organizes potential project risks into a more structural form, …
Educational Examples
With educational examples, our goal is to present the reader with situations or projects where a risk became an incident. By analysing what went wrong and what should have been done, we can hopefully provide valuable knowledge to the reader.
What went wrong
In these educational examples we present a case where a specific project or part of the projects have gone wrong. We try to examine where the “point-of-no-return” is (i.e., where the risk became an incident).
What should have been done
Then, when we know where the project went wrong, we will go back in time before the “point-of-no-return” and see what could have been done differently to avoid the risk becoming an incident.
What can we learn
By doing so, we can provide valuable knowledge and “experience” to, hopefully, get your critical thinking going, so you can avoid the same incidents in your projects!
The latest about our risk education content
Risk Identification
Risk identification is the initial step in risk management. It involves recognizing potential risks within the scope of a project such as the construction of an offshore wind farm. Effective risk management relies on identifying as many risks as possible. At this stage, the focus is not on assessing the impact or likelihood of these …
What Are the Different Goals of Risk Mitigation?
There is risk in every stage of a wind farm project, and these risks can lead to both minor and dire consequences. The outcome of not identifying risks and not implementing proper mitigation, can lead to greater hazards for workers, financial consequences and significant impacts on the project timeline. Investing resources in mitigation would be …
Continue reading "What Are the Different Goals of Risk Mitigation? "
Scenario Analysis
Scenario analysis is a strategic planning method used to make flexible long-term plans. It is particularly valuable for managing uncertainty and risk by exploring and evaluating possible future events or conditions. What is Scenario Analysis? Scenario analysis is about developing and analyzing different possible scenarios that describe potential future events. Each scenario represents a set …
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