Projects and Risk
In today's society of multi-million dollar projects, risk seems to have become a second currency. If a new project is mooted, the first hurdle is how much will it cost (meaning what community resources are required) and the second question is, has there been a risk sign-off? Risk sign-off includes compliance with statute and common law provisions in addition to probity and other issues. These days, both the money and risk hurdles must be met for the project to proceed.
Projects conceptually have an interesting risk profile. They assume an upside risk position for a project taking into consideration all the associated benefits. Risk assessments then generally focus on the issues that prevent the assumed upside benefits from being achieved. That is, it is a downside risk assessment process from an assumed upside risk position which can be represented by the adjacent diagram. Some market or business risk techniques can also be laid over the top to tweak the upside benefits often in terms of cost savings.
Analysis can be done at any stage of a project's life cycle and can use a variety of risk assessment techniques as shown in the diagram (included in the PDF version).
One of the main advantages of project risk profiling is that it can be done very early on in the project concept stage to identify overarching issues and potential project 'show-stoppers'.
Project risk profiling typically uses a combination of top down and bottom up techniques and generally involves two main tasks: a high level vulnerability assessment and associated risk profiling as required, supported by specific detailed bottom up reviews. The overall concept can be described by the following figure (included in the PDF version).
The objective of such reviews is to identify early on any potential project 'show-stoppers' and ensure that all sensible practicable precautions are in place based on the balance of the significance of the risk versus the effort required to reduce it.
Engineers Australia - Women in Engineering
With 2007, the Year of Women in Engineering drawing to a close, Gaye Francis has again been busy as co-chair of the WIE Victorian Committee.
To celebrate what has been a very successful year, an end of year cocktail function was held at the Hyde Cocktail Lounge on Thursday 18 October 2007. 60 Guests took the opportunity before the mad Christmas rush to network in a relaxed and friendly environment.
October saw the launch of Purple Boots in Victoria with a charity breakfast attended by over 200 people. In this year of Women in Engineering, Engineers Australia is working with the Breast Cancer Foundation of Western Australia and safety footwear manufacturer, Steel Blue to support breast cancer education through the Purple Boots campaign. $30 from the sale of every pair of purple coloured boots goes to the foundation. Further information about the campaign can be found at www.purpleboots.com.au.
In addition, Gaye also gave a briefing to the Goulburn Valley Region on Safety Integrity Level (SIL) Allocation and Due Diligence. |