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RiskyProject and Critical Chain
Posted: Sat Aug 27, 2011 8:58 am
We are in a process of implementation Critical Chain project management process. Can we use RiskyProject for Critical Chain?
Re: RiskyProject and Critical Chain
Posted: Wed Aug 31, 2011 4:23 pm
RiskyProject allows you to calculate project and feeding buffers based on analysis of project risks and uncertainties. Moreover you may monitor these buffers during a course of project. Here is how to do it:
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.