Today’s risk management process combines qualitative and quantitative approaches but with a focus on the qualitative.
Qualitative analysis today identifies risks and mitigating actions through access to knowledge in the room. However, this comes with bias from workshop facilitators, institutional focus and limited experience of attendees
Quantitative analysis today utilizes a Risk Matrix methodology to classify risk using consequence and likelihood estimates
RISK: Equipment troubleshooting
Consequence: Delay to project startup
Crimson inverts today’s risk management process to an agile, data-driven, quantitative focus.
Our approach brings accuracy through data analysis, repeatability and standardization and provides a clear, actionable path towards increased probability of project success. Through Crimson’s D-Risk™ cloud based solution, historical capital projects are analyzed to identify the key factors impacting Capital Projects and adapting these to your unique project.