A SPECIALIST IN QUANTITATIVE RISK ANALYSIS (QRA) FOR THE COST AND SCHEDULE OF CONSTRUCTION PROJECTS
Mission Statement
Providing our clients with scientifically assimilated information to aid their capital project final investment decisions (FID) through quantitative risk analysis process and simulation technique using the Riscor® Suite Toolkit.
OUR GOALS: To our clients, for our clients and by our clients.
OUR PROMISE: To provide our clients with value-added, quantitative risk analysis, data analytics & benchmarking services.
OUR EXPERTISE: To focus on specialty niche skills of QRA by providing science and risk-based solutions to client’s problems.
OUR SERVICES: To timely deliver the results of the promised scope of work with competence for satisfactory quality.
Our Services
Workshop Facilitation
John has facilitated 200+ risk workshops over the past 15 years for various types of construction projects. He has a detailed understanding of the human bias and psychological barriers encountered when facilitating brainstorming workshops; his use of the Delphi Technique often successfully collates and normalizes the judgments of SMEs.
Risk Quantification
The proprietary Riscor® simulation Model on @RISK was developed in 2005 to perform detailed QRA on Class 3 cost estimates for Project Sanction / FID in combination with schedule risk analysis result. The Model has been used on a variety of capital construction projects worth $75 Billion in North America & Europe, to derive risk contingency funds.
Construction Readiness
The Project Gating System is about the readiness for execution phase, and the risk-based external Riscor® Readiness Review includes 80 checklist items for Class 3 cost estimate maturity, 70 items for FEED phase and 150 items at the end of Gate 3 prior to construction site mobilization. This risk-based approach is fully scalable to project of any size.
About Riskcore
Riskcore is a project risk management (PRM) consulting firm specializing in training and the implementation of project risk management processes, systems and methodologies, including
- facilitating qualitative risk workshops for assessment, responses and residual risk handling;
- soliciting inputs and modelling quantitative cost estimate risks for contingencies & escalation;
- providing independent, unbiased and risk-based project readiness reviews at any given gate;
Riscor® is trademark registered with the Federal Government of Canada, it is a Monte Carlo based simulation model developed in 2005 by Riskcore for a range of cost estimates, scientifically determines cost overrun probabilities and contingencies & escalation. It integrates qualitative systemic risks with quantitative specific risks to derive an aggregated contingency for both cost and schedule delays at a chosen confidence level.
John Zhao is the founder and a Principal Consultant of Riskcore Consulting company, he has over thirty-five years of diverse construction project experience including PMO, cost estimating & forecasting, qualitative risk workshop facilitations, quantitative cost and schedule risk analyses. He has worked on capital projects with contractors in Far & Middle East, EPC companies in North America and Owner operating companies in Canada and Europe.
John holds a master's degree in construction project management and a bachelor's degree in building design & Management from England, a diploma in Building Engineering & Technology and a certificate in Contract Law & Negotiation. He is past members of AACE, Professional Engineering in New Brunswick, Charted Institute of Building (CIOB) & Construction Industry Institute (CII). He is a trained Lead Auditor for ISO 9001 (quality management).
John is a highly sought after speaker at various local universities & conferences and has presented & provided training on the topics of project risk management since 2005 virtually and physically in Abu Dhabi, Miami, London, Las Vegas, Denver, New Orleans, Stavanger, Nashville, Edmonton, Calgary, Beijing, Vancouver & Toronto.
"John's QRA Work is Industry Leading for this pipeline mega-project." - Helen, Assurance Lead, KPMG
"Riskcore's Analysis and the Final Report is the best one in my career." - Denis, Project Director, CKPC
"John's qualitative and quantitative risk analyses are the best practices." - George, Professor, Uni. of Calgary
"John is definitely qualified to do this complex work for our refinery." - Al, Project Leader, Refinery, USA
"QRA done for the adequacy of remaining contingency made funding approval easier." - Jim, Mining Project, SK
"The Board is interested in your perspective on the impacts of top and tail risks." - Mike, New LRT Project, AB
QRA by Simulation
Reduce Chance of Failure
Capital Projects are crucial to the economic prosperity of nations and organizations but, often, they go off the rails in terms of either budget or time or both. Proper risk analysis sends an early warning signal to the project owner to take corrective actions before it is too late!
Quantify Risks to Win Bids
Winning competitive bids over competitors and still making profits rely on the risk appetite (tolerance) of an organization. QRA scientifically simulates the scale of project cost / schedule risk by quantifying risk impacts on the tender amounts and the level of confidence for winning.
Use Probability for Success
Involving all stakeholders for a transparent, efficient & effective risk analysis often highlights the areas lacking the proactive and proficient risk management strategy & plan, a strong QRA process integrates all project risks into one simulation model providing a path to success.
Riskcore Team
Riskcore is a boutique consulting firm with its niche specialty in quantitative risk analysis (QRA) for capital project cost and schedule. Our team is comprised of a Principal Consultant and a Senior Consultant on part-time and demand-basis.
We provide value-added project reviews, risk assessment and risk analysis, data analytics and benchmarking services.
We deliver promised scope of work using the right expertise in a timely manner with the expected quality and within quoted budget.
We focus on specialty and niche skills by working with competent & expert professionals collaborating as a team.
We will be honest, ethical, transparent and professional following the PMI code of conduct with our services and deliverables for our clients.
Riskcore Service Offering
Riskcore Ltd. was registered in 2016 in Alberta Canada, offering professional Project Risk Management Consulting, Workshop Facilitation and Quantitative Modelling of project cost and schedule uncertainties from Feasibility to Ready-for-Operations. Riskcore possesses a rich collection of project risk and benchmark data including Class 3 Estimate Maturity Index, External Construction Readiness Reviews (ECRR), Probability Curves for Project Contingency and Typical Risks.
Riskcore offers, in most competitive rates and hours, following products and services to our clients for various types of projects in capital project world.
Qualitative Risk Assessment and Quantitative Risk Analysis for Schedule & Cost Estimate & Forecast
(1) Perform Cost Estimate Maturity Evaluation using REDI (Riscor Estimate Development Index) and Conduct Quantitative Cost Risk Analysis (CRA) for Contingency & Escalation
(2) Conduct Quantitative Project Schedule Risk Analysis (SRA) for Completion Date and identify key Risk Drivers through cruciality and sensitivity index.
(3) Design Project Risk Management Plan, and Facilitate brainstorming Project Risk Workshops to generate project Risk Registers at any stage of project phases.
(4) Perform an independent and unbiased External Construction Readiness Review (ECRR) using Riscor® Checklist.
(5) Provide Public / In-house Project Risk Management Training Sessions including Monte Carlo simulation techniques.
Riskcore's Proprietary intellectual Riscor® Suite
(1) Qualitative Project Risk Register including Process, 3D Risk Matrix Heat-map, Response Plan (TEAM Approach) and Residual Risk Level.
(2) BEST Approach (Business, Economics, Social Licensing and Technological Challenges) for the Evaluation of Project Risks at early phase.
(3) Semi-quantitative Riscor® Option Evaluation Tool to compare up to 5 alternative options using weighted risk profiling for each option.
(4) Quantitative Riscor® Model for Schedule Delay and Cost Estimate Contingency and Forecast at Completion (FAC) using Earned Value System.
Pricing Structure for Service:
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Part-time and On-Demand operating model to respond the requests and needs from the clients of Construction Owners, EPC firms and Contractors.
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Most Competitive Hourly Rate (25% lower than 90% risk consultants) with Estimated hours or Lump-sum Price for the defined scope and deliverables
CONTACT
Inquiries
We welcome any inquires and questions regarding:
- Consultation about your project needs for a risk assessment and QRA analysis;
- Training of Project Risk Management, both in-house and public training events;
- Requesting a written proposal to conduct full-scale QRA project risk analysis for contingency, escalation and delay;
- External Construction Readiness Reviews (ECRR) and Project Governance & Gating Process;
Please contact us at 587-352-6698 or fill out the following form for your inquiries and comments.
Contact Us
Head Office
Suite 1507, 615 - 6 Ave. SE
Calgary, Alberta, Canada
Email: jzhao@riskcore.ca
Text / Tel: 587 352 6698
Website: www.riskcore.ca
Employment
We have job opportunities from time to time either for us or for our partner companies, or even for other recruiters, so we receive and keep your CVs and Resumes on record.
To apply for a potential job with Riskcore Ltd., please send your C.V. to: jzhao@riskcore.ca
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