Risk Visualization: A Game-Changer for Risk Management
Summary
In this Risk Management Insights series, we're highlighting our risk management experts and strategies for helping clients navigate uncertainties across various project delivery models. Our latest article explores ATCS' innovative use of risk visualization within its risk management process during construction to provide leaders with clearer insights into managing risks and enhancing project efficiency, success, and health.
Picture this: You are on the verge of breaking ground on a highly anticipated transportation construction project. However, at the back of your mind, you are still concerned about several of the significant risks your team discussed during the preliminary engineering phase. It could be the proposed bridge over the railroad, the clearing and grubbing in an environmentally sensitive area, or the relocation of a major power transmission line. How do you best guard against these known risks during construction, not to mention the unknowns, with the feeling that they may impact the project’s schedule, budget, and community relationships? This scenario encapsulates the many challenges often faced by Owners on complex transportation projects, highlighting the critical need for robust risk management strategies.
Visualizing Risk: Empowering Informed Decision-Making
Recognizing that the construction phase can pose the greatest potential impact and financial risks to Owners, ATCS identified a critical need for enhanced risk management strategies tailored to the multifaceted challenges inherent in construction. The increasing complexity of engineering details, more third parties, balancing impacts and mitigation, and the complexities of surrounding communities highlight the benefits of using advanced tools.
In response to this critical need, ATCS developed and integrated risk visualization into our risk management process during construction. Risk can be elusive. Our approach, centered around visualizing, capturing, and presenting data, provides insight at different organizational levels so high-priority risks can be better managed during construction. This clarity, stemming from our approach, facilitates better understanding, decision-making, and tracking, which improves project success.
Harnessing Technology: Transforming Risk into Opportunity
Our cutting-edge risk visualization tool offers real-time monitoring capabilities accessible from the field and the project office. We go beyond conventional risk management practices by analyzing common and unique risk factors, providing details and insights unmatched by standard approaches.
ATCS’ expertise in Geographic Information Systems (GIS) and our utilization of ESRI’s ArcGIS Survey123 software is at the core of our risk visualization tool. This powerful combination allows us to integrate open-source spatial data with real-time data collection, empowering project leaders to make efficient and informed decisions. Our tool identifies high-severity risks early and uses ArcGIS Dashboards to provide continuous information updates in a user-friendly format, ensuring enhanced decision-making, cost control, and project health. Additionally, our tool incorporates intuitive features to simplify data input for non-technical users.
Shaping the Future of Project Success
Looking ahead, while our risk visualization tool’s primary functionality remains focused on managing and mitigating risks, its adaptability ensures that it also serves as an invaluable learning and education resource for future projects. Clients can access the tool across all their projects, leveraging examples and implementing customized solutions to meet their needs.
By developing and incorporating risk visualization into our risk management capabilities, ATCS aims to deliver more resilient, efficient, and successful project outcomes for our clients while providing them an advantage in managing project risks and uncertainties.
To learn more about how our risk visualization capabilities can address your project’s unique challenges and to see a demo, connect with Janelle Shank or Michael Rosenfeld.
Don’t forget to read the first article in our Risk Management Insights series Strategic Risk Management: Navigating Project Phases Successfully. read now >
