Quantitative Risk Analysis

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QUANTITATIVE RISK ANALYSIS

Quantitative Risk Analysis (QRA) is a modelling technique that allows a project team to understand the risk that exists within a project and the impact this could have by predicting project schedule and cost outcomes. Our risk models consider both the impact of uncertainty that may exist in the project and the impact that potential risks may have on the outcome of the project.

At Edge, we offer a tailored risk modelling service with the capability to carry out both Quantitative Schedule Risk Analysis (QSRA) and Quantitative Cost Risk Analysis (QCRA). We provide a fully flexible service whereby we can either be brought in to carry out a QRA on a specific package of work, or alternatively be available on a call-off basis to carry out the service as and when required (even at short notice).

Step 1 - Plan

We begin by defining the project scope, timelines, and cost baselines. Our team builds detailed schedules and budgets using advanced tools to ensure every milestone is aligned with your strategic goals.

Step 2 - Monitor

We track progress in real-time—comparing actual performance with planned timelines and costs. Through earned value analysis and live dashboards, we keep your project on course.

Step 3 - Control

Risks, changes, and variances are proactively managed. Whether it’s a cost deviation or schedule delay, we implement corrective actions quickly to avoid project disruption.

Step 4 - Report

We deliver clear, concise, and actionable insights through visual reports and stakeholder dashboards—ensuring transparency, accountability, and informed decision-making at every stage.

What are the benefits of quantitative risk analysis ?

Experience tells us that very few projects get delivered to their original base estimate as by their very nature, projects contain areas of uncertainty and things can happen that can significantly impact the outcome. In the past, projects have often used rudimentary uplifts to try to account for uncertainty and risk, but these often have little underpinning and do not reflect the intricacies of a specific project.

Carrying out the Risk Analysis, will allow the project team to gain a better understanding of the risk and uncertainty that may exist within a project. This has 2 key benefits; It allows more realistic schedules and cost estimates to be developed and also provides meaningful data that can be used to make better and more informed decisions.

When is the best time to run a risk model ?

There is no right or wrong answer for when the Risk Analysis can be carried out. However, it is usually recommended that they are carried out either at the start of a project, before a baseline is agreed or at key decision points during the delivery of a project.

In addition to the whole project, there may be a time-critical piece of work such as an outage, commissioning or blockade of existing infrastructure that needs to be delivered on time. We can carry out risk models on these to forecast the probability of delivering on time and where the project team should be focusing their attention to minimise the chances of an overrun.

How do we deliver the service?

To carry out the Risk Analysis, specialist software is required that uses probabilistic sampling techniques such as Monte Carlo. This is used to model the project and its interactions with uncertainty and risk in order to show their potential impact on project outcomes.

At Edge, following an extensive research exercise we have invested in Acumen Risk, a software product developed by Deltek for use in all of our QRA requirements. Acumen Risk is in our opinion the current market leader when it comes to a single product that can carry out both schedule and cost risk models. It also provides an output that can be easily understood by the whole project team.

“Edge has provided Cargill with bespoke, timely and effective support for both cost and schedule Quantitative Risk Analysis across multiple projects. The service is professional yet personal, and they have always been able to meet our short-notice and tight deadlines.”

— EMEA Project Controls Leader – Cargill

What outputs do we provide?

Through a combination of our experience and toolset, we are able to offer customisable outputs depending on a client’s requirements that range from detailed reports to high-level summaries. We are able to provide the same high-quality outputs for both schedule and cost models.

Services

Need a help ?

Address : Office No 320, 3rd Floor,
C1 Building, Gate No-1 –
شارع الشيخ عبد الله الشيبه –
Ajman
United Arab Emirates

Tel : +971 507461753

Email : contact@projectcontrolsedge.ae

Business Hours : Mon-Sat

8.00 AM to 5.00PM

Sunday : Closed

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Our team is ready to guide you every step of the way. Whether you need strategic advice, training support, or a custom consulting solution, we’re here to help. Get in touch with us today to start the conversation.

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