Cold Eye Review™ Tiers

  • For smaller projects and targeted assessments.

  • Full project challenge and executive report.

  • Direct presentation to sponsors, executives, steering committees, or boards before major investment decisions.

Deliverables

Each Cold Eye Review™ provides an independent assessment of cost estimating quality, project controls maturity, commercial risk exposure, and overall project readiness.

  • Tier 1: Essential Cold Eye Review™

    Independent Validation & Executive Challenge

    Deliverables

    ✔ High-level estimate review and benchmarking
    ✔ Review of estimating basis and methodology
    ✔ Identification of major cost, scope, and schedule risks
    ✔ Review of key assumptions and exclusions
    ✔ Executive summary highlighting key concerns
    ✔ Risk-ranked findings register
    ✔ Management presentation

    Client Receives

    • Executive Summary Report

    • Key Findings Register

    • Priority Action Recommendations

    • Management Presentation

    Ideal for: Early-stage projects, gate reviews, investment screening, and management assurance.

  • Tier 2: Advanced Cold Eye Review™

    Deep-Dive Estimate & Project Controls Assessment

    Deliverables

    Everything included in Tier 1, plus:

    ✔ Detailed estimate review by discipline
    ✔ Quantity growth and scope maturity assessment
    ✔ Review of contingency methodology and adequacy
    ✔ Benchmark comparison against industry standards
    ✔ Assessment of project controls framework
    ✔ Review of procurement and contracting strategy
    ✔ Risk and opportunity analysis workshop
    ✔ Action plan with priority ranking

    Client Receives

    • Detailed Review Report

    • Discipline-by-Discipline Findings

    • Contingency & Risk Assessment

    • Improvement Roadmap

    Ideal for: FEED completion, sanction reviews, owner assurance reviews, and large capital projects.

  • Tier 3: Comprehensive Cold Eye Review™

    Investment Decision & Project Readiness Assurance

    Deliverables

    Everything included in Tiers 1 and 2, plus:

    ✔ Full estimate reconstruction and challenge where required
    ✔ Integrated review of cost, schedule, risk, and execution strategy
    ✔ Commercial and contracting strategy assessment
    ✔ Scenario and sensitivity analysis
    ✔ Estimate confidence level assessment
    ✔ Project readiness and gate approval evaluation
    ✔ Executive challenge sessions with project leadership
    ✔ Independent expert recommendations for investment decisions

    Client Receives

    • Comprehensive Assurance Report

    • Executive Board Summary

    • Confidence & Readiness Assessment

    • Investment Decision Support Package

    • Executive Readout Workshop

    • Final Recommendations Matrix

    Ideal for: Final Investment Decision (FID), major capital projects, megaprojects, and board-level assurance reviews.

 

What Is a Cold Eye Review™?

A Cold Eye Review™ is an independent assessment conducted by Christian Volk, drawing on more than two decades of experience in capital projects, cost estimating, project controls, and project assurance.

The review challenges:

  • Project assumptions

  • Cost estimates

  • Schedule expectations

  • Execution strategies

  • Risk assessments

  • Organizational readiness

  • Decision-making processes

The outcome is practical, objective, and focused on value creation.

No politics. No hidden agenda. No project ownership.

Just an independent view from outside the project team.

When Should a Cold Eye Review™ be Performed?

A review delivers the highest value during key decision gates:

  • Concept Selection

Before the project direction is finalized.

  • FEED Completion

Before moving into detailed engineering and procurement.

  • Final Investment Decision (FID)

Before committing significant capital expenditure.

  • Project Recovery

When projects experience cost overruns, schedule delays, or stakeholder concerns.

  • Executive Assurance

  When management requires an independent assessment before major approvals.

Cold Eye Review™ Essential

  • Focused review

  • Smaller projects

  • Specific concerns

  • Fast turnaround

  • Executive summary report

Cold Eye Review™ Executive

  • Full challenge process

  • Cost, schedule, risk and execution strategy review

  • Independent findings report

  • Management workshop

  • Prioritized recommendations

Cold Eye Review™ Board Assurance

  • Investment decision support

  • Steering committee presentation

  • Executive stakeholder interviews

  • Board-level recommendations

  • Project readiness assessment

  • Estimate confidence assessment

Typical Review Areas

    • Estimate maturity

    • Benchmark comparisons

    • Contingency adequacy

    • Scope completeness

    • Estimate basis review

    • Contracting strategy

    • Procurement readiness

    • Construction approach

    • Staffing and resources

    • Interface management

    • Risk identification

    • Commercial exposure

    • Schedule risks

    • Hidden assumptions

    • Opportunity evaluation

    • Gate readiness

    • Decision transparency

    • Organizational alignment

    • Stakeholder management

    • Executive reporting quality