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 Specialties
Workshop Facilitation
We have facilitated 250+ risk and interactive planning workshops for various types of capital construction projects. We understand human bias and psychological barriers when facilitating brainstorming workshops; we use Delphi Technique to collate and normalize input data.
The proprietary Riscor® Simulation Model was developed to conduct detailed QRA on project schedule and cost estimates to support project budget sanction by quantifying risks and generating contingency funds. It integrates systemic & specific risks as well as schedule delay.
Risk Quantification
Project Gating System is all about readiness for execution phase, risk-based Readiness Review includes Riscor® Estimate Development Index (REDI) to valide classification of an estimate and Riscor® External Reviews for site mobilization. They are scalable to project of any size.
Readiness Assessment
About Riskcore
Riskcore is a boutique risk management consulting firm specializing in quantitative risk analysis on capital projects’ cost estimates and schedule. We always back up our service by the rich and diversified project experiences and in-house data & benchmarks.
- Riskcore was registered in 2016 and headquartered in Calgary, Alberta, Canada to provide project risk analytics and consulting services to Owner / Operating companies and EPC / Main construction contractors in Canada, USA, Europe and South Pacific regions for their major investment projects.
- Riskcore is fully licensed with Canadian Federal and Provincial governments and insured by Workers’ Compensation Board (WCB) and by Commercial Liability Insurance (E&O).
- Riskcore was founded by John Zhao, the principal consultant of the Company, who first conceptualized Riscor® in 2005 and has since developed the Riscor® Monte Carlo Simulation Model to structurally and scientifically assess projects’ risk profile and simulate appropriate project contingency and escalation funds for cost estimates by incorporating possible construction schedule delay.
- Riskcore specializes in capital construction projects’ risk management and analytics including Qualitative Risk Assessment and Quantitative Risk Analysis (QRAs) on capital projects’ risk profile and cost estimates and project schedule using our own intellectual Riscor® Suite Toolkit.
Industries Serviced
Riskcore has facilitated over 250 brainstorming and risk review workshops, independent readiness assessment and interactive planning sessions and conducted R.QRAs on capital projects worth of $80 Billion ranging from $50M to $35B with repeated clients in Canada, Europe, USA and New Zealand.
Industrial and New Energy Construction Projects Serviced (valued at $60B):
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Energy of Oil and Gas (onshore and offshore Upstream and Downstream refineries)
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Major Oil Pipeline (NPS36 & 1,000KM), Floating LNG, HV Transmission, and Manufacturing Facilities
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Petrochemical (Ammonia, Polyethylene, and Polypropylene)
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Mineral Mining of both Open-pit and Shaft (gold, uranium, zinc, coper, oil-sands)
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Renewable Energy & New Technology (Clean Hydrogen, Waste-to-Energy, Geo-thermal, and Biofuel)
Infrastructure and Municipal Construction Projects Completed (valued at $20B)
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Sports Club Facilities, Hospitals, Pharmaceutical Plant and Penitentiary / Prisons
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Public Transit System (LRT, Rail, Rapid Bus) and Portable and Waste-Water Treatment Plants
Acknowledgements, Accolades, Comments and Feedback Received (Invaluable)
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"John's QRA Work is Industry Leading for this pipeline mega-project." - Helen, Assurance Lead, KPMG
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"Riskcore's Analysis and the Final Report is the best one in my career." - Denis, Project Director, CKPC
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"John's qualitative and quantitative risk analyses are the best practices." - George, Professor, Uni. of Calgary
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"John is definitely qualified to do this complex work for our refinery." - Al, Project Leader, Refinery, USA
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"QRA done for the adequacy of remaining contingency made funding approval easier." - Jim, Mining Project, SK
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"The Board is interested in your perspective on the impacts of top and tail risks." - Mike, LRT Project, AB
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“Your QRA work is always top notch and highly reliable”. - Ross, F.LNG, BC
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"The analyses were very comprehensive and helped us better understand the project." - Jeff, VP, EllisDon
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"Your extensive knowledge, your impact on risk management and the project is fueled by your courage and consistency in tabling difficult conversations." - Adam, Director, Major Pipeline Project, Canada
We perform QRA on Capital Projects and recommend risk contingency using a bespoke Riscor® Model to support FID
Quantitative Risk Analysis (QRA) for Project Schedule and Cost Estimate of Industrial & Infrastructure Capital Projects
We facilitate planning & risk workshops to build risk registers (Riscor® Library) and to verify estimate’s classification (REDI Score)
Riscor® Estimate Development Index for Completeness & Maturity of FEED Deliverables and Cost Estimate Classification
We conduct an independent & unbiased reviews on contractors’ readiness for construction & PFRD intervention process
External Construction Readiness Review for Prime Contractor / Owner-managed Execution to start construction mobilization
An Intervention Process for troubled / derailed projects using Pause, Forecast, Re-baseline & Discipline corrective process
About Riscor® Suite Toolkit
Riscor® is a registered “trade-brand” and Riscor® Suite Toolkit contains six elements covering risk management activities for capital projects from Front End Loading (FEL) to Ready-for-Operation (RFO).
Riskcore theorizes through practical experiences that structured and sound risk assessment at FEL 1 (project initiation) would have positive impacts on the success of quantitative risk analysis at FEL 3 (Final Investment Decision); well-conducted QRAs with quality results help PMT identify key risks early on and facilitate efficient intervention processes to Pause, Forecast, Re-baseline with realistic and achievable targets to discipline for troubled or derailed projects during execution.
Risk Assessment & Riscor® Library (RARL) assess risk profile & viability
Riscor® Option Selection Analysis (ROSA) compares multiple options
Riscor® Estimate Development Index (REDI) verifies estimate classification
Riscor® Quantitative Risk Analysis (RQRA) simulates contingency fund
External Construction Readiness Review (ECRR) for site mobilization
Pause, Riscor® Forecast, Re-baseline, Discipline (PFRD) for derailed projects
Riskcore Competence
John Zhao is the founder and Principal Consultant of Riskcore with thirty-five years of diverse construction project experiences with general contractors in Middle East, EPC companies in North America and Owner operating companies in Canada and Europe.
He holds a master's degree in construction project management and a bachelor's degree in building design & management from England, and an associate degree in Building Engineering & Technology. 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 system).
John is a speaker at various local universities & conferences and a trainer on the topics of project risk management virtually and physically in Abu Dhabi, Miami, London, Las Vegas, Denver, New Orleans, Stavanger, Nashville, Edmonton, Calgary, Beijing, Vancouver and Toronto.
John conceptualized and built its prototype Riscor® Model in 2004, and has since developed fully functional Monte Carlo simulation-based Riscor® Suite Toolkit to structurally and scientifically determine appropriate contingency and escalation for investment projects' cost estimates by incorporating possible construction schedule delay.
Riskcore works with a team of highly talented and competent professionals who practice in qualitative risk workshop facilitation, quantitative cost estimate and schedule risk analyses, PMO governance, cost estimating, change management and forecasting. To keep the costs down, Riskcore maintains long-term alliance agreements along with NDA with these seasoned professionals who provide services on-demand basis to our clients.
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 talented and experienced local professionals collaborating as one team.
We are honest, ethical, and transparent professionals following PMI code of conduct to deliver promised services and deliverables for our clients.
Riskcore Service Offering
Riskcore provides professional services of Project Risk Management Consulting and Quantitative Risk Analysis (QRA) for project cost and schedule to support project sanctions, commercial negotiations and Final Investment Decisions (FID). With rich collection of categorized project risks in Riscor® Library (>3,000 typical risks) and contingency benchmark data, we offer the following service options to our clients in capital project world:
Qualitative Risk Assessment and Project Risk Management Services
(1) Strategize and Plan an organization's Project Risk Management Plan including work procedures & toolkits
(2) Facilitate brainstorming Risk Workshops to establish 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 Riscor® 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) 120-Checklist
(6) Analyze Schedule Delay probability using Quantitative Project Schedule Risk Analysis (SRA) technique
(7) Conduct Quantitative Cost Estimate Risk Analysis (CRA) for Contingency & Escalation & Management Reserve
Proprietary intellectual Riscor® Suite Toolkit
(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 inquiry by email, 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 delay & contingency;
- 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
Office
Office: Calgary, Alberta, Canada
Email: inquiry@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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