Identify and mitigate project risks early
## Identify and Mitigate Project Risks Early Risk analysis during the front end improves decision-making by surfacing uncertainties while they're still cheap to fix. Early FEL risk reviews highlight technical, commercial, environmental, or regulatory threats so owners can address them in budgets and schedules. According to Stratex Online, "risk gets its greatest leverage in the front end" of projects. Guidelines emphasize identifying risks on new or complex projects early. By catching issues upfront, teams reduce the chance that unexpected problems derail the project later.
Risk Workshops Hold facilitated sessions with cross-functional stakeholders (engineering, finance, operations). Brainstorm possible failures, delays, or cost drivers.
Risk Register Document each risk with a brief description, owner, likelihood, and impact. Include mitigation actions for the highest-priority items. Risk management should begin as early as possible in planning.
Quantification For top risks, estimate the potential cost or schedule impact. Use sensitivity or Monte Carlo analysis to see which risks matter most.
A prioritized risk register and mitigation plan ready to include in feasibility and FEED packages. This register assigns each key risk to an owner and defines the response strategy. Maintaining the risk register from FEL onward ensures accountability and keeps the project team focused on what could go wrong.
Our experts integrate risk analysis into every stage. We create detailed risk registers and review them in our stage-gate meetings. This systematic risk management is part of our Project Development & Management framework.
Our team can help you implement these strategies in your projects. Schedule a consultation to discuss your specific needs.
From FEL-0 to execution-ready projects - your comprehensive guide
Discover Project Solve's complete range of services: FEL 0-3 development, risk analysis, cost validation, regulatory compliance, and feasibility studies for energy and construction projects.
Read MoreUnderstanding the foundation of project planning
Understand FEL-0 (concept stage) and how early scoping and feasibility work set the foundation for confident project investment decisions.
Read MoreFrom concept to execution-ready projects
A concise guide to FEL-1, FEL-2 and FEL-3 deliverables and gate reviews, so project owners can drive better decisions as scope and details increase.
Read More