Probabilistic risk outcome

General discussion and questions about project risk management and risk analysis software RiskyProject. Includes discussion on how to perform efficient project risk analysis using our software.

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Tomico
Posts: 63
Joined: Thu May 18, 2006 5:02 pm
Location: Naples, FL

Probabilistic risk outcome

Post by Tomico » Tue Jul 15, 2014 12:55 pm

Hello,

I have a risk which have outcome fixed delay. We have a statistical distribution for this delay. It is a triangular distribution:
- low 4 days
- most likely 7 days
- high 11 days
How can we model in in RiskyProject?

Intaver Support
Posts: 992
Joined: Wed Nov 09, 2005 9:55 am

Re: Probabilistic risk outcome

Post by Intaver Support » Tue Jul 15, 2014 1:00 pm

You can define risk outcome as a range defined by a statistical distribution:


To enable probabilistic risk outcome:
1.Click the Schedule tab. In the Settings group, click Options.
2.Click the Risk tab.
3.Select the Enable statistical distribution for risk outcome checkbox. Once enabled, this setting is the default for all RiskyProject files on your computer.

Then you can enter statistical distribution for risk outcome in any dialogs for risk assignments.
Image

After you enter probabilistic risk outcomes and click OK, RiskyProject will perform Monte Carlo simulations and calculate the risk impact based on the mean of the statistical results.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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