Consistent Application of Risk Management for Selection of Engineering Design Options in Mega-Projects

Consistent Application of Risk Management for Selection of Engineering Design Options in Mega-Projects

Yuri Raydugin (Risk Services & Solutions Inc., Calgary, AB, Canada)
Copyright: © 2012 |Pages: 12
DOI: 10.4018/ijrcm.2012100104
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Abstract

Traditional application of project risk management is limited to identifying and addressing project risks and then developing cost along with schedule contingencies. This paper proposes a method to consistently utilize the project risk management methods during Front End Engineering Design (FEED) phase of project development to select engineering design options. This method was called for recently to make several key engineering design decisions in a mega-project (case study). It allows significantly accelerate decision making and successfully manage various types of bias through leveraging the structure and visualization it provides. The proposed method is also applicable for engineering change management in any phase including operations.
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Literature Review

Decision tree analysis in its various forms has been used in several disciplines. General overview of probabilistic decision tree analysis in project risk management is done by Schuyler (2010).

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