Technical Program Abstracts

(EXH) Exhibitor Showcase

NOTE: Program Subject to Change

(EXH-3567) [ARETE Consulting Services Inc.] Risk-based Portfolio Management

Author(s)/Presenters(s): Carlos Mendizabal

Abstract:

Various factors and practices can negatively affect the performance of capital infrastructure projects; however, many industry studies identify insufficient risk management as one of the common key contributors. The goal of risk management is to prevent and reduce the threats a project may face before they occur, while minimizing the impacts of unpreventable or unforeseen risks.  Projects aren’t the only organizational risk, as companies must also consider risk management for their enterprise, assets, suppliers, cybersecurity, etc.  This presentation will review how to identify, understand, manage, and mitigate risk factors for a portfolio of projects, assets, and critical operational functions. 

The presentation will discuss the three risk analysis approaches (qualitative, schedule and quantitative) and how to apply them to a portfolio of projects across the enterprise.  The qualitative approach identifies risk categories, elements, with specific weighted values to comprise a portfolio and project risk score based on probability and impact.  The next step is to perform a Monte Carlo schedule risk analysis, followed by administration of a risk register with events, drivers and mitigation actions for the quantitative approach.  The concepts presented are highlighted in various Project Management Institute (PMI) documents and studies which will be discussed throughout the presentation.

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