M0131 QRA Support (April 2026 - December 2026)

Tender description

To drive continuous improvement, the Consultant shall review the existing Quantitative Cost Risk Analysis (QCRA) and Quantitative Schedule Risk Analysis (QSRA) methodology throughout the service period. At the start of the service, the Consultant shall ensure risk registers, schedules and reporting meet the required standard for risk modelling. The Consultant shall liaise with: - Other project management disciplines (not limited to cost and schedule management) and the Client's project management teams to ensure alignment and effectiveness of service delivery. - Risk specialists (including supply chain risk managers and schedulers) to ensure the appropriate level of risk data is being captured to generate robust QCRA and QSRA outputs. - Other stakeholders as directed by the Service Manager. The Consultant shall create and present reports and recommendations: - To enable strategic decision making that: - Ensure senior management are better equipped to make more informed decisions. - Ensure the Client's Directors and Senior Management understand and know how to interact with the service to effect positive change on project performance. - Identify the key cost and time risks and the resources required for mitigation. - Contribute towards improvement in project performance by proactive mitigation and management of key risks. - Reports highlight remaining budget risk allowances, and the inter-relationships with change management at a transactional level and the QRA results. - On projects, programmes and at portfolio level on quality and reliability of risk modelling information to ensure correct, complete, and consistent inputs are available. - That seamlessly interface with the Client's Power BI system, reporting drumbeat, and the Client's Risk Management Software in line with drumbeat. QRA results to available and uploaded prior to the first week of the month and reports delivered to teams during first week of the month. - Incorporating 'what if' analysis considering several scenarios as directed by the Service Manager. - That provide insight into themes on key risk exposure areas for cost and schedule risks at programmes and portfolio level quarterly The Consultant shall use existing reporting templates and shall ensure reports are produced in line with Client's QRA Framework to include, as a minimum, the following: - Key recommendations to allow Senior management to make more informed decisions regarding cost and schedule risk allowances/exposure for their projects and programmes. - Identifying the key driving risks for their projects and programmes (from a cost and time perspective) - P- range value tables - Risk diagrams, including 'S' curves and Tornado charts. - Identified risk mitigation/treatment actions for the key driving risks (cost and schedule) - What if' analysis of various scenarios (cost and schedule) considering noted exclusions and assumptions.