ProRisk: risk analysis instrument : developed for William properties

This report presents a Risk Analysis Instrument developed for William Properties. Based on the analysis, it appears that the practice of Risk Analysis exists within the organization, yet rather implicit. The Risk Analysis Instrument comes with a package of four components: an activity diagram, a checklist of risks, a Microsoft ExcelÒ application and a communication structure. The activity diagram illustrates the structure of Risk Analysis and consists of preparation, identification, qualification and a risk report. This structure of the activity diagram explains the integral analysis process.The checklist contains 140 items of risk, which are relevant to the project domain of inner-city redevelopment. The risks are categorized in four disciplines: technical, financial, organizational and juridical. These are further divided into subgroups. The use of an extensive checklist and the possibility to add project bound risks decreases the chance that a risk is overlooked. This creates the basis for the qualification of risks, where the project managers have to make assumptions about the probability and effect of the risks. When this information is given to the program, the Quadrant Model visualizes the probability and defect of the risks in colours. The Quadrant Model gives useful input for the next phase, the quantification. In this phase the effects will be transferred into financial numbers.To facilitate the structure and analysis of risks, the Microsoft Excel ® application ProRisk is developed. The risk analysts can take advantage of this application in the analysis of risk data and the production of project risk reports.,Finally the communication structure describes which parties are to be involved in the analysis process and how the outcomes can be communicated. Accordingly, risk awareness within the organization will be simulated and decision-making within projects can be supported.