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 registered with the IPO of Federal Government of Canada, it is a Monte Carlo based simulation model suite developed in 2005 by Riskcore to make scientific decisions on option selections, determine cost overrun probabilities, quantify schedule delay, estimate contingency, escalation and management risk reserve. It integrates qualitative project-wide systemic risks with quantitative estimate-specific risks to derive a holistic project risk profile for a contingency to cover cost and schedule risks at chosen confidence levels.
John Zhao is the founder and Principal Consultant of Riskcore Consulting company. With 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, an associate degree in Building Engineering & Technology and a diploma in Contract Law & Negotiation. He was former member of AACEi, Professional Engineering in New Brunswick, Charted Institute of Building (CIOB) & Construction Industry Institute (CII). John is also 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 full-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 was registered in Alberta in 2016, and provides professional services of Project Risk Management Consulting, Risk Workshop Facilitation, Quantitative Risk Analysis (QRA) and Modelling for project cost and schedule to support projects' FID. With rich collection of project risk library (>2,000 typical risks) and contingency benchmark data, Riskcore offers its clients the following professional service options that clients may choose whole or part of them:
Qualitative Risk Assessment and Project Risk Management Services
(1) Strategize and Plan an organization's Project Risk Management Frame-work including work procedures
(2) Facilitate brainstorming Risk Workshops to generate project Risk Registers at any stage of project phases
(3) Perform independent, risk-based External Construction Readiness Review (ECRR) using Riscor® 150-Checklist
(4) Provide Project Risk Management Training Sessions including Q.CRA Monte Carlo simulation model building
Quantitative Risk Analysis for Schedule & Cost Estimate & Forecast
(5) Perform Cost Estimate Maturity Evaluation using Riscor® REDI (Riscor Estimate Development Index) 80-Checklist
(6) Conduct Quantitative Cost Estimate Risk Analysis (CRA) for Contingency & Escalation & Management Reserve
(7) Analyze Schedule Delay probability using Quantitative Project Schedule Risk Analysis (SRA) technique
Proprietary intellectual Riscor® Suite
(A) Riscor® Project Risk Register (template, 3D Risk Matrix, Response Plan (TEAM Approach) and Residual Risk Level
(B) Riscor® BEST Approach (Business, Economics, Social Responsibility and Technological Challenges) for early phase risk profile
(C) Riscor® Option Evaluation Analysis to make wise selection decisions under risk conditions (weighted risk profile)
(D) Riscor® Model for integrated Schedule Delay, Cost Estimate Contingency, and Forecast at Completion (FAC)
Proposals and Pricing Structure for Services:
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Upon an informal request, a formal Proposal would be tendered to the potential client for their consideration
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The services are offered in either Time & Materials or Lump-sum contract model based on types of projects
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Timely respond to any requests from world-wide clients of project Owners, EPC firms, Contractors and organizations
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Proprietary Riscor® Simulation Models are developed and owned by Riskcore with commercial simulation licenses
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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