Risk Decisions’ Predict! software determines construction reserve for fixed Fehmarnbelt Link
Posted 03 February 2011 by Fiona Racher from RDL | 0 Comments
Press Release: 3 February 2011
Femern A/S, the Danish Government-owned company created to build the 11 mile fixed link between Denmark and Germany, used Risk Decisions’ risk management software, Predict!, to assess the impact of the different risks on the construction cost of the link; and realistically estimate the risk reserve required for the project. The Fehmarnbelt link will stretch between Rødbyhavn in Denmark and Puttgarden in Germany. Construction is expected to commence in 2014 with completion estimated in 2020.
Femern A/S selected Predict! for its functionality, easy implementation and intuitive use, following an extensive tender process and a thorough evaluation of the solution. Prior to Predict!, Femern A/S was using a traditional Microsoft Excel sheet for risk management. For a project of this magnitude, the implementation of an integrated, web-based enterprise risk management tool was crucial. Femern A/S was tasked by the Danish government to put together proposals for two different types of transport links – a tunnel and a bridge. Per Åkesson, Project Manager Risk Management at Femern A/S, explains,
“We needed to realistically evaluate the pros and cons of both the tunnel and bridge transport links. Construction cost naturally has a strong bearing on the decision making process for a project of this size. The Monte Carlo simulation capability in Predict! enabled us to simulate the impact of different risks on the construction cost of both types of transport link and propose the respective construction risk reserves.
The use of Predict! at Femern A/S during this initial stage of the project is only the beginning. The solution will gradually be rolled out across the organisation as the traditional Microsoft Excel sheet style risk register is inadequate for a project of this magnitude. Predict! will be the underlying support tool of choice for all risk management processes, touching every aspect of the organisation”.
Val Jonas, CEO of Risk Decisions Group, concludes,
“Predict! is a flexible solution and will allow Femern A/S to configure it to meet its specific business risk management needs. Today, a number of construction companies are awakening to the benefits of a joined-up enterprise-wide risk management approach – it will save them money that could run into thousands or even millions of pounds. It makes business sense.”
Predict! is an advanced enterprise risk and project management solution. It includes Predict! Risk Controller, a web-based risk database; Predict! Risk Analyser, a risk and uncertainty analysis tool; and Predict! Risk Controller Lite, a Microsoft Excel interface to Predict! Risk Controller.
About Femern A/S
Femern A/S is part of Sund and Bælt Holding A/S, which is 100 percent owned by the Danish Transport Ministry. Femern A/S was appointed by the Danish Transport Minister in April 2009 as a result of the “Act about planning a fixed link across the Fehmarnbelt and associated hinterland infrastructure”, to be in charge of preparation, investigations and planning in relation to the establishment of a fixed link across the Fehmarnbelt.
The company is headquartered in Copenhagen with offices in Burg (on Fehmarn) and Rødbyhavn, Denmark. As of 1 November 2010 the company has 64 employees. For more information, visit www.femern.com.