Risk Based Project Development

Novopro performs all phases of project development based on the risks identified since project development by definition is a de-risking exercise, and the impact of the correct and unbiased risk mitigation approach on a project can make very important impacts on the chances of project development success rate. Due to this reasoning, Novopro structures all its projects with a risk focused approach, whereby the project risks are identified and assessed as part of a joint risk review session at the beginning of a project and scope is adjusted accordingly to ensure the project risks are managed effectively. This can include focus on specific high-risk related areas as well as allocation of the necessary resources towards a specific area/discipline to properly de-risk it throughout the duration of the project.

A project also carries a risk register throughout its development phase that is a live document being adjusted as the project evolves. Lastly at the end of each phase Novopro performs a final risk review session and utilizes probabilistic analysis to quantity the risks, which may be monetarized and added as a separate risk amount or identified as either items to be tackled in the next phase. There are risks which are not mitigatable, and in these cases, they need to be handed to the client and clearly identified as carried risks.

Structured Risk-Based Approach

Novopro structures projects and scopes with a risk focused approach that utilizes the following principles:

  • Risks are identified early in the project kick off and tracked throughout its life
  • Early identification achieved through a well-structured and documented comprehensive Risk Review session to identify and quantify project risks
  • Project scope is then prioritized for mitigating risks with budget focused to the identified risk areas.
  • Once the risks are identified and scope adjusted, a risk matrix is produced and updated throughout the project phase
  • At the end of the phase, the final risk review is conducted, which can both impact costs estimate (both capital and operating), as well as the scope of the proceeding phase

This approach has provided the most efficient means of developing projects reducing the most risk for given budget / timeline and bringing the most value for the study.