The goal of using the Bowtie method of PIMS International B.V. is to create an overview that includes the risks and organization of policy, the effectiveness of mitigating measures, possible improvements, and the costs involved. The results particularly contribute to asset management in the following ways:
- They help to ensure the integrity and safety of the assets in place, as well as improving the continuation of operations while focusing on economic optimization.
- They are utilized to provide input for high-level investment decisions.
- They can be used in tender procedures to improve transparancy of risk management practice and to support project execution as they help to monitor the firmness of assumptions made and to mitigate unforeseen issues in time.
The Bowtie method is semi-quantitative, meaning that the data used in the model is based on both expert opinion and casuistry.
Using the Bowtie methodology, we are able to create an concise overview of a customer’s risks. In order to obtain this overview, we host brainstorm sessions with expert teams from our customers. These teams generally consist of representatives of all of the customer’s relevant internal stakeholders. These vary from managers and decisionmakers, to specialists in the field.
In these brainstorm sessions, we assess the risks in existence, and the degree of importance of the different risks identified. Furthermore, the customer’s expert team and our representatives establish a list of possible mitigating measures.
After this process, we conduct an analysis of the gathered data and calculate the effectiveness of the mitigating measures in relationship to cost and efficiency. We also provide a ranking of the mitigating measures.
The Bowtie methodology is applied by implementing different steps. A visualized bowtie project management model is represented below: