Risk Assessment & Management
Overview
Our risk assessment experts prevent or mitigate costly potential delays and disruptions. While components of project management – scope management, change management, and cost/schedule controls – are effective individually, an integrated risk management process is essential for successful project execution.
A well-defined and integrated risk management process maximizes value through judicious use of time and money. PMA risk management specialists identify and evaluate project risks, manage risk registers, facilitate qualitative risk assessments, conduct quantitative risk analyses, and develop risk mitigation strategies. In conjunction with project stakeholders, we develop qualitative risk assessments; integrate those assessments into robust, quantitative cost and schedule risk analyses; and monitor and mitigate risks accordingly.
Key Benefits
Identify Exposure Before It Becomes a Problem: PMA brings structured risk identification to every phase of a project. Our teams surface schedule, cost, and scope vulnerabilities during planning and design — when response options are broadest and contingency decisions carry the most weight.
Quantified Risk, Not Just a Register: We move beyond qualitative lists. Monte Carlo modeling and integrated cost-schedule analysis translate uncertainty into probability-weighted outcomes, giving owners defensible contingency targets and a clear basis for go/no-go decisions.
Risks Managed Through Delivery: PMA tracks risk status through construction, integrates response actions into the project schedule, and delivers the training that keeps project teams engaged in the process. Risk management is an active discipline on every PMA engagement — not a document produced at project start.
Risk Assessment & Management Services
Risk analysis
PMA conducts structured risk identification and qualitative analysis to establish a clear picture of project exposure. We facilitate workshops with owners, designers, and contractors to surface threats and opportunities across cost, schedule, scope, and external factors—producing a prioritized risk register that the project team acts on, not archives.
Cost risk assessment
A contingency percentage is not a cost risk strategy. PMA evaluates the assumptions, scope gaps, and market conditions behind each estimate, quantifying cost risk ranges and identifying the line items most likely to drive overruns. Owners receive defensible contingency recommendations tied to project-specific conditions.
Schedule risk assessment
PMA reviews contractor and program schedules to identify logic errors, float manipulation, missing constraints, and optimistic durations. Our assessments give owners an independent read on realistic completion dates and highlight the activities most likely to drive delay before construction begins.
Risk modeling
Using Monte Carlo simulation and integrated cost-schedule risk analysis, PMA converts qualitative risk registers into probability-weighted forecasts. Owners see cost-at-completion ranges and milestone confidence levels—the basis for contingency decisions, float buffers, and contract risk allocation.
Risk response planning
PMA develops response strategies to avoid, mitigate, transfer, or accept—for each significant exposure. We assign ownership and integrate response actions into the project schedule and budget. Every plan is structured for execution, with clear triggers and responsible parties named.
Cost and schedule risk management
PMA provides ongoing risk tracking through construction, monitoring trigger conditions and updating contingency forecasts as project conditions change. Regular reporting gives owners current exposure data and time to act before schedule or cost impacts become unavoidable.
Risk training
PMA delivers targeted risk management training for owner staff and project teams, covering identification techniques, register development, and qualitative and quantitative analysis methods. Sessions are structured around the owner’s oversight role—building the internal discipline that carries through the life of a program.
