Throughout project lifecycle, risk is an ongoing challenge to successful project completion, value realisation and maximisation.Fenchurch Michelson ensures continuous risk identification, evaluation and management through project life cycle, starting at feasibility study through to commissioning and start-up.
Project risk and uncertainty identification begins during preliminary field development planning stage. After the business case and project progresses to feasibility and onward EPC stages, rigorous quantitative analysis is used to assess the impact of risk and define the full probabilistic distribution of project cost, schedule and value. We support a full range of Monte Carlo simulation methods and software tools to further refine and enhance projections of economic value for selected design concepts. This approach provides a clear audit trail and rationale for target cost, schedule and contingency allocation, ensuring compliance with capital to value processes, developing robust risk allocation and mitigation plans, and accurately supporting final investment decisions.
During the life of a clients asset, we provides best practice knowledge, appropriate combinations of qualitative and quantitative assessment methods, and specialists with extensive risk experience to support and drive operational risk mitigation and wider enterprise risk management processes.