Project Risk2Do

No construction project is Risk free, so companies of all sizes need to manage, minimise, share, transfer or accept Risk.

MULI ADVANGE

The key feature that sets Muli aside from others; its powerful 'Object Orientated' PostgreSQL Database. Rather than your typical industry standard 'relational' database, Muli's database;

  • Is the same database engine used by Google and all Mac OS server databases post 2011
  • Multiple risk levels (not just dollar values); Provided, Worst Case and even Opportunties
  • Consequently significantly more accurate forecast-to-completion estimates across multiple projects
  • Means faster, more efficient end of period reporting
  • Object orientated data fields makes your reports significantly more customisable
  • Accuracy down to 6 minute billing periods

Muli created an action item called Risk2Do that provides a project control framework for managing Risks.

 
'Risk-2-Do'

Risk2Do provides a medium for integrated project controls including Risks, Communication, Roles and Responsibilities.

Each Risk2Do activity is unique and is attached to a specific project allocation (project trade / cost code), with Project Roles assigned from a list of Responsible Person Codes representing your project managers, site managers, engineers, estimators and key subcontract personnel.

Risk2Do then records the "Risk $ Provided", a "Risk Work Case $" or an "Opportunity Value"; with links for Timings and Scheduling information to be included.

Risk2Dos may be printed when required onto subcontractors’ documents so that the Risk is communicated to all appropriate parties.

Muli's Risk2Do is enterprise wide operational risk management software which is able to include all aspects of a company operations including overheads and the general ledger.

 
PROCESSES

Risk2Dos don’t just record costed contingencies; they provide a framework for attaching management processes to each element of a project. Clients are free to devise their own steps in the process; Muli’s Risk2Do just ensures these processes are not forgotten in the rush to get on with the job.

Some examples are:

  1. Authority to Tender
  2. Tender Document Review
  3. Arrange Bank Guarantee
  4. OH&S Verification
  5. Estimator to PM Handover
  6. Brick testing
  7. Mortar validation
  8. Cavity validation
 

See an example of a Risk2do report here.

RISK MONITORING THROUGH PROJECT REVIEW

Risks change throughout the project’s life cycle so each Risk2Do’s Resolution Code will be updated to reflect its current status. The 24 resolution Types range from “Contingency – No identified activity” to “Release to contribution”.

Project Managers can update the Resolution Code through Muli’s Project Review. In the process a colour code against each allocation changes to indicate those checked. This coding is visible to senior management during their end of month review, as well as the total number of Risk2Dos attached to these allocations, to ensure Risks are effectively monitored on a regular basis.

 
WHAT IS RISK MANAGEMENT ?

Risk Management is the method of identifying, assessing, quantifying, treating and monitoring risks. Muli has developed a facility called Risk2Do that provides a project control framework for managing Risks.

Risk2Do, based on the practices of professional project management and construction companies, provides even the smallest firm with an easy to use mechanism to manage risk.

If ignored, construction project risk can lead to increased costs, loss of profit, damage to reputation and in the worst case, insolvency. Muli's construction accounting software provides management with a structured approach to risk management and accurate final forecast costs for the project reviews with senior management.

Muli "Risk2Do": Having created a solid financial reporting framework muli needed a method to manage other risk attributes and share the "Body of Knowledge"

  • 'Risk2Do' are fixed to a allocation, may be fixed to a Order/Amendment.
  • Provide a verification and reporting framework (see also OHSEQ).
  • Ensure identified issues are resolved.
  • Allow attachment of internal documents photo and drawings etc to enable a logical review gateway.

All "Risk2Do" may have a expense be scheduled into project with manager and worker responsibility.