Project Risk Analysis Software and Project Risk Management Software Forum

How does risk mitigation view work in RiskyProject?

Regards,
Rtgorwer, PMP

You can define mitigation plans using the Mitigation view. Mitigation plan can be execute when risk is occurred. RiskyProject will count, how many times the mitigation plan is executed. The diagram, which shows how often the mitigation plan is executed, will be displayed within a mitigation view. One mitigation plan will be executed only once per task even multiple risks occur.

Here is an example. I have risk Fire and I have risk Flood. Both require clean-up and renovations. They have different probabilities, but can be assigned to the same task. However if both Fire and Flood occurred for the same task, I should be able to execute clean-up activity only once. Can I use your mitigation tab for this type of analysis?

Yes. Risk Mitigation view is designed for such problems. Another example of this is the delay with the delivery of component. If you wait for one component, you don't necessary need to wait for another component. Here is what you can do in RiskyProject.

1. Define two risks: "Delay with delivery of the component".
2. Define outcome of this risk: "Execute Mitigation Plan"
3. Define Mitigation Plan: "Wait to component".

If both risks occurred together (both components are delayed) you need to wait only once.

I'm not sure that Mitigation is the best name for this view. I think it should be Common risks or something like this. When you develop new version just think about it.

Regards,
Ken

Since we move towards advance managing of mitigation plans includin mitigation history, I would a good idea to rename Mitigation View. We think that this name may cause some confusion.

Hello,

Can I use your risk mitigation pan for risk response planning? Can I select different scenarios for risk response?

You may use Risk Mitigation view for risk mitigation planning and risk response planning. In fact most our clients use this tab particularly for risk response. Risk response planning is used to determine a course of actions after the risk has occurred.

Could you actually give as an example, how does it work?

Let's assume that you have one task 10 days duration and two risks:
1. Increase duration on 20% chance 30%
2. Increase duration on 20% chance 50%

You frequency chart would have 3 spikes:
1. 10 days (no risks)
2. 12 days (risk 2 or risk 1)
4. 14 days (both risk 1 and risk 2)

In some cases you don't want to sum risk impact from both risks. In this case you may use risk mitigation view.

1. To go Mitigation view and enter mitigation plan "Risk Response 1" (probability 20% increase duration 20%)
2. Define risk "Execute mitigation plan" and result would be a plan name "Risk Response 1".
3. After calculation you would have only two spikes:

1. 10 days (no risks)
2. 12 days (risk 2 or risk 1, or both)