Risks and opportunities?

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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goodwisj
Posts: 10
Joined: Mon Apr 17, 2006 10:11 am
Location: Melbourne, Australia

Risks and opportunities?

Post by goodwisj » Sat Apr 29, 2006 5:34 am

Risks and Opportunities are positive and negative events on the same spectrum. (Well sort of, anyway)

Is there a way in which Risky Project can be used to record opportunities as well as risks? For example, could we include the chance of a positive impact from an opportunity???

just a thought.... many project managers have to keep logs of both and actively manage them....

cheers

Steve :)

goodwisj
Posts: 10
Joined: Mon Apr 17, 2006 10:11 am
Location: Melbourne, Australia

Risk Register in Risky Project

Post by goodwisj » Sat Apr 29, 2006 5:38 am

Hi again.....

A neat report or sheet from Risky Project would be those risks that affect the projects being managed........

As a PM, I need to be able to keep a register and update the management of the risks as it occurs..... The opportunity to be able to do this in the same product as I actively manage schedules with would be fantastic... Is this on the horizon for Risky Project???

It could even need to be across multiple stakeholders in the same project...

cheers

Steve :D

Intaver Support
Posts: 897
Joined: Wed Nov 09, 2005 9:55 am

Post by Intaver Support » Mon May 01, 2006 10:59 am

You can define opportunities in RiskyProject. To do it, just enter negative delay (fixed or relative) or negative cost increase for the particular risks. In some causes the same event can cause both "positive" and "negative" effects. For example, 40% chance that the software developer will complete the task 2 days later and 1% chance that the task will be completed 10% faster. You can model it as different risk alternatives.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

Intaver Support
Posts: 897
Joined: Wed Nov 09, 2005 9:55 am

Post by Intaver Support » Mon May 01, 2006 11:23 am

We don't have risk register right now, but we are planning to implement it on future. We have a technology to analyze all historical risks and activities to find the most relevant risks for the new project. It is sort of "Risk Google", where the user will be presented with the suggestions about most relevant risks with their probabilities and activities with their duration. It supposes to help with the estimations, especially for R&D projects. Risks and activities will be held in the database. Status of risks (opportunities) including mitigation efforts will be recorded and reported.

We have few tools already, which may help you:
a). Integration with WelcomRisk. It is very advanced risk registration database. RiskyProject can be used as scheduling and analytical tool for WelcomRisk. Integration with WelcomRisk involves the wizard on RiskyProject side to bring data from WelcomRisk. The issue is WelcomRisk is comprehensive organization-wide web-based solution for projects within a large portfolio. Most our clients use RiskyProject on much smaller scale. Therefore we are planning to build risk/activity database with estimation engine.
b). Some our clients use sensitivity view to see risk exposure (for risks affect project duration, cost, etc.). They print reports from sensitivity view and compare such reports on different stages of the project with different risk probabilities.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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