Australia and UK Practice of Risk Management in Major Projects - Case Studies
The Asia Pacific infrastructure market is expected to grow 7 - 8% per cent a year over the next decade, reaching about $6 trillion a year by 2025 representing 60% of the world total. In Australia, the infrastructure priority list of $100 billion investments, includes Sydney 66km Metro, Melbourne Metro, Brisbane’s Cross River project and redevelopment of Sydney’s Central station. All are subject to a detailed Business Case development and a number of independent reviews to ensure the best value for money outcome be achieved.
The use of Quantitative Risk Analysis (QRA) for cost estimation of appropriate cost contingency allowances for desired confidence level is a good practice during the business case development of most major projects. Pedram’s presentation, through a recent major project case study in Australia, will address the importance of effective pre-QRA briefings, the importance of basis-of-estimate and basis-of-schedule documents as well as documenting the assumptions and reasoning behind the quality of input data, the key elements of the cost risk model and its outcomes.
Short bio of first speaker – Pedram Danesh-Mand:
Pedram is currently APAC Technical Director - Risk Management of Aquenta (a Jacobs Company) and NSW President of the Risk Engineering Society (RES). Pedram is also an innovation award winner from Roads and Maritime Services (RMS) and CPB Contractors for his exceptional knowledge and practical application of statistical project risk analysis.
Pedram is also a seasonal lecturer/tutor of advance project risk management to postgraduate students in University of Technology Sydney and was the key author of RES Contingency Guideline.
In UK, for the first time a new National Infrastructure Delivery Plan (NIDP) brings together the government’s plans for economic infrastructure over the next 5 years with those to support delivery of housing and social infrastructure. This is reflected by the government’s commitment to invest over £100 billion by 2020-21, alongside significant ongoing private sector investment, in our infrastructure. UK government is setting out over £500 billion worth of planned private and public investment containing over 600 projects and programmes with more than 40% of the pipeline being delivered through government investment.
Darren will give a brief presentation covering:
- An introduction to the IRM’s Infrastructure Risk Special Interest Group (SIG)
- An overview of infrastructure projects within the UK, including a focus on:
- High Speed 2 (HS2)
- Hinkley Point C (HPC)
Short bio of second speaker – Darren Mullan:
Darren is a certified fellow of the Institute of Risk Management (IRM) and has been a risk professional for nearly two decades. Darren is currently Chair of the IRM Infrastructure Risk SIG, and has worked for a breadth of commercial and government organisations across sectors including transport, utilities, defence, nuclear and aerospace.
Short bio of Q&A facilitator – Gareth Byatt:
An independent risk consultant with experience in a variety of senior management roles in international organisations including risk management, heading up a PMO, managing multi-million dollar programs of work, business and risk management process design and strategy.
- EA and RES Member Rate: $10.00 ($9.09 excl. GST)
- Other Society Member Rate: $40.00 ($36.36 excl. GST)
- Student Member Rate: $10.00 ($9.09 excl. GST)
- Non-Member Rate: $40.00 ($36.36 excl. GST)
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