Overview:
In this presentation, we delve into the practical application of Risk-Based Verification (RBV) in construction projects. By showcasing a real-world use case, we demonstrate how RBV can optimize project outcomes by strategically aligning verification efforts with high-risk requirements, thereby minimizing project disruptions and enhancing resilience.
Context:
Requirement verification is an important part of assurance in rail projects in Australia. As part of the assurance process, verification of requirements is often a time-consuming exercise, causing a burden on engineering teams. At the same time, realized assets don't always perform as intended despite the elaborate assurance processes. In response to this challenge, the adoption of RBV offers a promising approach to reduce and prioritize verification efforts based on project risks, ultimately improving project efficiency and outcomes.
Purpose:
Our presentation aims to illustrate the tangible benefits of adopting RBV in construction projects. Through a real-life example, we seek to highlight how RBV can empower project teams to reduce their verification effort, and mitigate project risks effectively, ultimately driving project success.
Approach:
By using an example how RBV has been successfully implemented during the construction of an offshore windfarm, we will share the insights into the specific challenges addressed, the RBV strategy employed, and the resulting impact on project outcomes.
Insights:
Through our exploration of the theory and implementation in one use case, we uncover key insights into the transformative potential of RBV in project delivery. From optimizing the verification effort and increasing the risk assurance, RBV emerges as a strategic tool for mitigating project risks and delivering superior outcomes. By sharing these insights, we aim to inspire audience members to consider RBV as a valuable addition to their project management toolkit.