Moderator: Intaver Support
1. Create project schedule or import it from other project management applications such as Microsoft Project and Oracle Primavera
2. Define risks and uncertainties, assign risks to task or resources
3. Perform Monte Carlo simulation
4. Define you confidence level or risk tolerance. For example, you may accept that there is 10% chance that project will not be completed on schedule.
5. Difference between original project duration (without risks and uncertainties) and project durations with risks and uncertainties obtained from certain percentile (e.g. P90) is your project buffer.
6. During the course of project enter % task completed. You should be able to run Monte Carlo again and calculate new project buffer. RiskyProject may automatically adjust probabilities and outcomes of risks. This way you may measure project buffer during a course of project.
The main advantage of RiskyProject for Critical Chain process that project buffer defined not arbitrary but by risk analysis.
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject