At first glance, the Fort McMurray Airport in Fort McMurray, Alberta, Canada would appear ordinary; it is a small airport authority, comprising a single runway, small terminal and serving a rural region removed from major metropolitan centers.
However, Fort McMurray Airport (FMA) is the gateway to Canada’s Athabasca Oilsands, the second-largest oil deposit in the world after Saudi Arabia. This airport faces a number of unique challenges related to servicing one of the largest industrial construction projects in the world today. The unique challenges of the Fort McMurray airport include: unprecedented passenger growth, staffing constraints, infrastructure constraints, pressures from various stakeholder groups, the introduction of daily international flights, shifts in politics and even risks posed by the potential development of oil reserves beneath the airport site.The potential risks FMAA faces as they try to keep pace with the growth of the region is substantial.
Initially FMA turned to Revay and Associates, Ltd. to lead the project risk assessment for their expansion project. The project risk assessment was focused specifically on the capital cost and schedule uncertainty of the new terminal construction project. Revay was then asked to lead the Enterprise Risk Management (ERM) assessment of the Fort McMurray Airport. Enterprise Risk Management is a relatively new management discipline that has evolved over the past few years and includes methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives and corporate strategy. Through the use of @RISK and applying novel quantitative techniques they were able to identify the key benefits of the Enterprise Risk Management methodology used to assess the risk around FMAA’s corporate strategy.
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