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Probability Assessments

Probability Assessments

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Probability Assessments

An integral step in the process of construction risk management is the probabilistic assessment of the various events and scenarios that can have a positive or negative impact on project progress. A probability assessment is one step that will improve the project’s risk profile and enable informed decision making with regard to project strategy. The results of the probability assessment will aid the project team in formulating an effective risk management plan that can map out the most suitable path to completion for the project.

Additionally, this information can be used by the estimation and scheduling team to allocate cost and time contingencies to risky events. Spire’s risk monitoring consultants have the experience and expertise needed to perform a probability assessment that can be used to improve the project team’s risk identification & risk management capabilities.

Spire has a structured and methodical approach to perform a probability assessment. The basic steps of this process include:

  • Contract analysis
  • Identification of risks
  • Determination of favorable and unfavorable outcomes
  • Calculation of probability of failure for various events
  • Formulation of risk mitigation plan
  • Development of a risk register
  • Periodic reviews of project risk register

For more information on our probability assessment service call or click here.