Project Risk Management: Essential Methods for Project Teams and Decision Makers

CHAPTER FIFTEEN

Putting Together the Project Curiosity Case Study

Questions Addressed in Chapter 15

• What are the objectives and baselines of the project discussed in the case study?
• What is the deterministic uncertainty management approach adopted by Project Curiosity?
• What is the probabilistic uncertainty assessment approach adopted by Project Curiosity?
• What are the main templates used for preparing input data to probabilistic modes?
• What are the what-if scenarios used to further investigate project uncertainty exposure?

THIS CHAPTER INTRODUCES THE SCOPE and goals of a case study to demonstrate most of the methods and tools introduced in this book. It also introduces the risk management system adopted by a hypothetical project. The integration of deterministic and probabilistic methods is accentuated.

This hypothetical case study is a simplified carbon capture and storage (CCS) project called Curiosity. Its description, including baselines, is provided. A high-level base estimate and schedule are introduced in this chapter for demonstration purposes. Normally, the number of identified project uncertainties is measured in the dozens. Only a dozen of the most critical uncertainties were highlighted for this case study. Some of those are included in the probabilistic cost and schedule models. Features of these models bear the stamp of simplicity, which is inevitable when a ...