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Tracking and Reporting
The ENGRISK program allows for instant tracking and reporting
about any Risk Element, data of which had been entered into the program.
Because the program is a multi-user system, every authorized project member can
instantly review on his/her computer screen information about any and all risk
elements pertaining to the project, inclusive of reading the data related to the actions
contemplated, pending and/or completed. If required, the program copy can be installed on the
computers of the client too.
To generate reports, the following attribute combinations are
- Report ID
- Report Title
- Risk Class (one or all)
- Area, (one or all)
- System (one or all)
- Plant Item (one or all)
- Discipline (one or all)
- Status (open, pending, on hold, competed, cancelled)
- Originator (one or not applicable)
- Risk Owner (one or not applicable)
- Identificator (one or not applicable)
- Updater (one or not applicable)
- Control Date (initiated, completed)
- Date Period
- Risk Impact: (on schedule, on cost, on HSE, on QA, or all)
- Risk Probability (very high, high, medium, low, very low)
- Report Sort
- Report Format (summary, detail)
- Report Type (printed/faxed, e-mail, website)
The financial evaluation of risk management may require
simulations in order to determine the most probable risk cost that need to be
covered by the project contingency. In this case, only the most critical and
costly risk elements shall be transferred (automatically) and then analyzed
with help of the other program, RISKCOST. This approach is used to
establish the binding and final bid price that must consider all possible major
risks of the project, e.g. as applicable to bid proposals. For details about the RISKCOST program
see the attached
program brochure of RISKCOST.
Because the ENGRISK program comprises the database of all possible
project risks, inclusive of all related actions that are contemplated,
pending and/or completed, therefore:
- Instant access to project risk data will keep the project management as
well as the clients fully alert.
- The program will force the project management to prepare plans and to
implement actions in order to avoid risks.
- Having the contingence plans prepared, the project management will be
ready to face the risks in case when they occur.
- The option of linking the ENGRISK program with the RISKCOST program can
yield an additional benefit of allowing to perform Monte Carlo Simulation Analysis.
This may be needed in cases when the cost aspects are predominant
and when the most probable cost figure is needed to be assumed, for example,
when preparing bid proposal for large and risky projects.
- b>Clients will be impressed by the engineers' ability to handle the matter
of project risk matters in computerized fashion.
- Risk Management is mandatory on risky projects, and the relevant
recommendations of the Project Management Institute – now implemented in
ENGRISK - are followed by many engineering firms today.