As a subcontractor to Project Time & Cost, Inc. Synergistics supported The Department of Energy Richland Operations Office (DOE-RL) in the area of risk management under the United States Army Corps of Engineers Best in Class Project Management Contract. DOE-RL is responsible for the oversight of seven Project Baseline Summaries (PBS) which are executed on the Hanford site and each possess a lifecycle cost that exceeds $1 billion.
Synergistics staff supported several PBS for the DOE-RL, while performing risk management services. Each PBS’ risk register was developed and maintained by the risk analyst, who would review the data in the registers for accuracy, applicability, and acceptability. Additionally, the analyst would regularly elicit new risks as well as review existing risks with project staff and subject matter experts.
On an annual basis, the analyst would perform a quantitative risk analysis utilizing Monte Carlo methodologies, this analysis would provide that calculated annual funding requirements necessary for project funded contingency, unfunded contingency, and management reserve as well as determine the project’s confidence levels for 50% and 80% lifecycle costs and schedules. These analyses would also be performed on an ad hoc basis as necessary in support of budget exercises, alternatives analysis, or in support of project audits/reviews.
Other scope performed for each PBS included development and revision of the project Risk Management Plan in compliance with DOE Orders as well as development of monthly risk management reports for each project. These reports would detail pertinent risk information to include: key project risks, emerging issues, risk status for the project, and contractor risk performance issues.
In addition to the scope performed on a per PBS basis, risk analysts supported the risk management program for the DOE-RL office. This included development/revision of risk program documentation to include: Project Risk Management Program Description, Contingency Management Cross Cutting Process Description, and the DOE-RL Project Risk Identification and Assessment Desktop Guide.