Project Decision and Risk Analysis

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MindManager and Risk Analysis

MindManager as a Part of Risk Analysis Solution

MindManager can be an integrated part of many risk analysis solutions because it helps to capture activities, scenarios, and steps of the process together with information about uncertainties.

To illustrate how MindManager can be used for uncertainty management, let’s examine a project risk management process. Project risk management starts with identification of risks and opportunities, as well as defining a project schedule. MindManager can help in both processes. Project managers can use it to create a risk breakdown structure and work breakdown structure. They can then use the data, defined in MindManager in different project management software, including Microsoft Project, to input the project schedule.

Intaver Institute’s project risk management software RiskyProject can use work a breakdown structure and risk, defined in MindManager, as an input for quantitative risk analysis. RiskyProject uses Event Chain Methodology to model project uncertainties. RiskyProject assigns risks and uncertainties to tasks and resources, performs Monte Carlo simulations and determines the chance that project will be completed on time and within a budget, as well as crucial tasks, critical risks, and project success rate. 

If a project schedule has multiple alternatives, RiskyProject can automatically convert it to a decision tree using Vanguard Software Corporation’s DecisionPro software. DecisionPro helps to select a viable project alternative based on project cost and duration criteria. As a result, MindManager through RiskyProject helps to perform project decision analysis. 

A project schedule with applied risks and uncertainties is different from an original project schedule. A risked schedule, generated in RiskyProject, can be exported back to MindManager. The project manager can then use MindManager to compare the original schedule with the results of analysis to perform a reality check. These checks are used to validate if the risks and their properties -probabilities and impact - are properly defined.