CARAS have formed a strategic partnership with EP Risk Management Pty Ltd (EP Risk) and the School of Mathematical and Physical Sciences of the University of Newcastle (UON -Statistics) to develop accurate risk models for contaminated site remediation projects. We have developed a system that quantifies the risk and uncertainty associated with the remediation of contaminated land assets. This allows our client to prioritise risk management efforts on items of greatest impact to achieve the best available financial outcome. Our goal is to quantify the uncertainty and generate an accurate risk profile of the estimated Total Outturn Costs on a project.
The modelling is a powerful decision making tool and can be used for many functions such as:
CARAS recently attended a seminar hosted by the Australian Institute of Occupational Hygienists (AIOH). The seminar was based on the identification, assessment and management of asbestos in soils, which helped to gain a greater technical understanding of the risks of asbestos in soils and how to pragmatically manage a site in a cost effective way, when asbestos contamination is present.
CARAS have the capability to apply statistical risk analysis to any stage of a project using Palisade's @RISK software. CARAS uses its extensive industry knowledge and experience to develop a bespoke stochastic model which outputs the estimated cost of civil infrastructure and remediation projects within probabilistic ranges (P50,P75,P90 etc.). CARAS analyse and summarise the model outputs to deliver clear, easy-to-understand advice to our clients. The results are presented in detailed reports that allow the client to visually see the impact of risk and make informed decisions about their project allowing them to: