It is common to have at least one risk analysis session for large projects. In such a session, different stakeholders and experts try and identify events that might impact the performance of the project. It is also determined how to mitigate or even prevent these potential problems from occurring.
It is important to keep the risk management plan active and the parties continuously involved. TCN Inc. is an expert at handling risks and act as the owner's representative. During the project, in between phases, sessions are held to re-evaluate the potential risks, and to reallocate the budget to properly cover them.
When the project enters execution, cost control takes over the budget estimate and starts controlling the project. TCN Inc. does not focus only on hours, cost, and installed quantities but also monitor possible events like changes, unforeseeable events, and risks. These elements can be identified as a trend, having resources allocated to them. We anticipate these trends and take them into account when reporting the Estimate at Completion and the Estimate to Complete.
The trend register also covers risk register. During execution, we follow up on trend register and note which occurred and which did not. The magnitude will also change, as the impact of changes, unforeseeable events and risks is not constant but varies with the situation in the field until they occur or become irrelevant.
The cost for risks that is reserved and allocated in the original budget is often called contingency fund. When a risk occurs, this money gets actually spent. In contrast, when a risk does not occur, the money is kept in the project or returned to the business.
TCN Inc. tracks the trends occurring and allocates the proper amount of money to them, including contingency when a risk is involved. This is tracked over time and displayed in a contingency rundown curve.
At the project close-out, the contingency spending is reviewed. This helps us to learn about possible risks and how to estimate or prevent them better in future projects.
Cost control and risk management are closely related to each other. Risk management should be performed throughout the entire project. TCN Inc. uses tools that allows us to spot the signals about risks and other contingency scenarios just before they occur, which allows steering the project in the right direction.
We multiply impact and replicate success within a multidisciplinary team environment throughout the project life-cycle using cutting edge technology.
We follow the highest standard process such as PMBOK and SAVE International’s standards, supplemented with an array of advanced tools, techniques and academic research developed over the past two decades. This has enabled us to offer a comprehensive project monitoring and controlling services package within the ICI sector.
Experience and Expertise
TCN Inc. add a breadth of experience and knowledge to projects that most Management and Operations professionals simply don't possess. While organizations may implement new systems or modify operations once every five to ten years, TCN Inc. leads multiple projects of the same magnitude every year. We have hands on experience on what works and what doesn't work.
TCN Inc. brings a different perspective to each project team. Many organizations internal resources on any major systems or facilities project would be going through their first design / implementation. While some organizations may have significant understanding of planning and implementation, they only know what they know as an organization that services a particular sector. TCN Inc. can bring proven processes and methodologies successfully utilized in similar projects to the table during the planning, design and execution phases of the project. This perspective can break down the “We've always done it this way” mentality and prevent organizations from simply automating the bad habits it has built up over time.
TCN Inc. brings a proven step-by-step process for success to a project. Our methodology has been built through past experiences and includes all the factors that have made previous projects successful.
We work with organizations management team and project team to define the objectives and requirements for the project. This critical task of clearly defining requirements prior to soliciting vendors make organizations an informed client.