scope:

This module specifies the process for, and the roles and responsibilities of people associated with, conducting a QCRA for projects as required by NR/L2/P3M/224 and conducting a QSRA for possessions, projects as required by NR/L2/P3M/224 and NR/L3/OPS/0064.

This standard is part of the Capital Delivery Core Process and relates to NR/L2/P3M/201.

It applies to projects that require Investment Authority as defined within IR01 Investment Regulations and enhance or renew the operational railway.

Purpose

The purpose of this module is to describe the requirements for conducting a Quantitative Risk Assessment (QRA). The purpose of a QRA is to assess the combined effect of identified risks using computerised statistical modelling techniques to understand overall delivery confidence. Quantitative Schedule Risk Assessment (QSRA) concerns the overall delivery confidence against schedule and Quantitative Cost Risk Assessment (QCRA) concerns the overall delivery confidence against cost.

QRA outputs are used to both recommend action to increase the probability of delivering on time and budget and identify where there might be adverse consequences requiring visibility and/or management by the business.

This module provides the detail to satisfy the requirements of NR/L2/P3M/224 and NR/L3/OPS/0064.