Digital Project Twin
The project risk twin, is a digital model of a project that transparently represents uncertainties and dependencies.
Through the integration of a variety of systems, as well as workshops (input), information and expertise from all disciplines of the project team is collected and merged. The results are displayed in the dashboards.
Risk management process
The graphic on the left shows the process steps of the initial RM process chronologically from top to bottom.
Accounting for uncertainties in base costs and base schedule.
Risk analysis: Analysis of the identified risks (analysis of the impact on costs and time) and the unknown risks. Allocation of the risks in the project structure.
Schedule analysis: linking of risks with operations in the schedule. Followed by simulation of the considered milestones, critical paths and delays due to risks. Multiplication of the delay with time-related costs (delay costs). Allocation of the delay costs to the WBS.
Actions planning: Consideration of top risks and planning of risk management strategies. Consequently, mitigation of affected risks and inclusion of action costs in base costs.
Based on the schedule, determination of the outflow of funds. Multiplication of the cash outflow by the defined index for escalation (=escalation costs) and incorporation of escalation into the project structure.
The results for costs and deadlines, including all uncertainties, are now available at all stages of the WBS and categorized according to cost items.