Risks & opportunities – How are they managed over time, in different project types …

A successful project depends on how well the project risks are managed and how well the project opportunities are identified by the team.  In order to manage risk, the claim manager needs to first identify & understand them. Then all the risks & opportunities need to be captured, evaluated and monitored to achieve business objectives.

PIRS:Claim – Risk Management:

PIRS:Claim’s Risk Management provides a comprehensive set of capabilities to streamline the project risks and improve a project’s performance. Risk management is an integral part of the claim management process. It covers the identification, evaluation, probability of occurrence and monitoring of potential risks before, during and after the project. Unlike all other PIRS:Claim document types the Risk & Opportunity document types are not related to Event documents, due to its general nature.

Risk & Opportunity

As shown in the above screen shot, you will be able to record details like risk owner, risk occurrence date & risk category. The system helps to calculate the risk impact and identify if the risk is significant or not with the help of predefined figures. The potential costs will be calculated based on probability and impact. The result can be compared with the costs that might occur when taking appropriate measures.

To identify the potential risks, you may measure it by creating any number of action items during the project as shown below.

PIRS:Claim – Opportunity Management:

Make sure you allocate some time not only to identify and deal with risk, but also to identify and capitalize on opportunities in the project. PIRS:Claim’s Opportunity management is also  an integral part of the claim management process. Opportunity covers the identification, evaluation, probability of occurrence and monitoring of opportunities before, during and after the project.

Risk & Opportunity

The identified opportunities can be captured with PIRS:Claim’s – Opportunity and they can be monitored with action items. For example, as shown in the above screenshot the opportunity identified is the time saved with parallel WP (Working Progress) execution. PIRS:Claim helps in calculating the potential effect and analyzing the opportunity benefit.

In case you would like to know in depth details of PIRS:Claim’s Risk & Opportunity, please feel free to contact us at  servicedesk@sobis.com  or +49 (621) 1228 5656.