GOST standard for risk analysis of investment projects
21 July 2021
From August 1, 2021, the national standard GOST R 58970-2020 “Risk management. Quantitative cost and schedule risks analysis for investment projects" will come into force, which is designed to systematize the use of methodological tools in the process of quantitative cost and schedule analysis for investment projects.
There are many different approaches to managing the risk of investment projects. The new standard systematizes approaches using quantitative (probabilistic) methods based on the best practices of Russian and foreign industrial companies, as well as standards related to risk-based management of an organization (especially GOST R ISO 31000).
It should also be noted that a quantitative risk analysis is possible only in investment projects with a sufficiently high level of schedule quality (at least, a high-quality project schedule and its budget are required). Projects that do not meet these minimum requirements must either apply different standards or improve schedule quality.
GOST R 58970-2020 contains a general description of the methods applicable in the assessment. The decision on the application of a particular method, as well as the form of the assessment, is taken when planning the project implementation.
It should also be noted that a quantitative risk analysis is possible only in investment projects with a sufficiently high level of schedule quality (at least, a high-quality project schedule and its budget are required). Projects that do not meet these minimum requirements must either apply different standards or improve schedule quality.
GOST R 58970-2020 contains a general description of the methods applicable in the assessment. The decision on the application of a particular method, as well as the form of the assessment, is taken when planning the project implementation.