Click on the links below to read more about RiskyProject's features.
RiskyProject allows you to calculate project schedules, which account for risks and uncertainties. You can define different risks at the project level and for each separate task or resource. Each risk is defined by its chance of occurrence, outcome (increase duration, cost, cancel task, etc.) and time of occurrence. The chance of risk occurrence can be easily calculatedbased on historical data.
In addition to the Risk list, uncertainties in the RiskyProject can be represented using statistical distributions. RiskyProject supports the following distributions for task duration, start time, and cost:
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Beta |
Custom |
Gamma |
Lognormal |
Rayleigh |
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BetaPert |
Exponential |
Gumbel |
Normal |
Uniform |
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Cauchy |
Discrete |
Laplace |
Triangular |
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You may use an empirical data to define statistical distributions.
Using RiskyProject’s intuitive interface, you can define ranges for the following task parameters: duration, start time, cost, and lag between task successor and predecessor. You can then assign a statistical distribution for each parameter. This method for measuring risk can be useful if you have reliable historical information about such input variables.
Setting up your project for risk analysis has never been easier. RiskyProject’s interface is designedto allow you to quickly add and edit your project. Defining and assigning risks and uncertainties are easy with RiskyProject. RiskyProject allows you to define default settings for task, resource and risk parameters and when you need help an interactive system of legends and on-screen help messages will guide you though the process of modeling your project schedule.
RiskyProject includes a Project Dashboard 3x3. This is an easy way to view the results of your analysis: it shows the three main project parameters (cost, duration, finish time) with and without risk; the three most crucial tasks, and the three most critical risks.
Risks are organized in lists. Risk lists can have a hierarchical structure, which helps you to organize your data. Risks contain discrete outcome events: for example there is a 10% chance that task duration will be increased by 20% due the certain risk, and a 30% chance that the duration will increase by 40% due to another risk. You can perform simulations to see how these risks can affect the project schedule.
RiskyProject is built around its own scheduling system. You can define task parameters, relationships between them, constraints, resources, and cost using an intuitive format without using Microsoft Project or any other scheduling software. However, if you already a user of Microsoft Project, you can seamlessly open Microsoft Project file and augment existing data by assigning risks and uncertainties to your tasks and projects.
The RiskyProject scheduling engine is designed and optimized for risk analysis. Probabilistic calculations with multiple simulations are performed quickly: on small projects calculations are instantaneous. This is important, for as new information about the project performance becomes available, you can quickly reanalyze the project as often as required.
The results of your project risk analysis are shown on the Results Gantt chart. You will see the ranges for start and finish times of each task, and be able to compare them with baseline or original project schedule. Just double-click on each bar within the Gantt chart to view histograms for duration, start and finish times, and cost, associated with the particular task.
Because real-life data is sometimes the only way to assess your uncertainties correctly, tracking is one of the most important components of RiskyProject. To track a task, you enter the percentage of the task done on the particular date. RiskyProject then calculates the projected task duration and updates the risk profile of the task. The project schedule is recalculated to give you a more accurate estimate of total cost, project finish time, and duration. These new results are then presented in the Tracking Gantt View. Forecasted project durations can be presented in the Tracking Chart View.
RiskyProject performs earned value analysis based on baseline project schedule and project schedule with risks and uncertainties (results of analysis). RiskyProject allows you to specify or calculate actual cost for each task. Actual cost, budgeted cost, and cost as a result of analysis (with risks and uncertainties) are displayed using interactive cash flow diagrams. You can determine difference between actual and budgeted cost on the each stage of the project.
You can define mitigation plans using the Mitigation view. Mitigation plan can be execute when risk is occurred. RiskyProject will count, how many time 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. Optimistic and Pessimistic Project Schedule
Optimistic (low) and pessimistic (high) project schedule can be displayed separately on the Result Gantt chart. It gives you an opportunity to analyze different project scenarios.
RiskyProject allows you setup project deadlines for tasks and projects and assign different actions to them. For example, tasks or projects can be canceledif the task or the project reaches the deadline. In this case, the success rate of the project or task (chance the project or task will be completed) is reduced.
Sensitivity Analysis shows you the input parameters (task duration, start and finish time, success rate, etc.) that have the most affect on project parameters (total project cost, total duration, project finish time, and success rate). Sensitivity analysis allows you to identify critical risks, which have the potential of significantly affecting your project, and these tasks should be the key focus of your risk mitigation efforts. The results of sensitivity analysis are presented in sensitivity charts.
Crucial tasks are those tasks, according to the sensitivity analysis, whose duration has the most affect on a project’s duration and finish time. Uncertainties related to crucial tasks should be assessed and the risks associated with these tasks should be mitigated. Crucial tasks are displayed on the Gantt chart using distinct colors.
Risk templates are standard sets of risks that allow you to quickly and simplify add risks to tasks and projects. A number of templates are included to RiskyProject package. In addition, it is easy to create your own templates, which you can use for your projects.
Risks and deadlines can affect task success rates. You can quickly identify tasks that fall within specific success rates by assigning different colors to ranges of success rates. For example, those tasks whose success rate falls between 0 and 20% could be assigned the color red.
Risk chart shows risks associated with tasks versus task duration or task cost. The risk is expressed as task standard deviation of task duration or cost, maximum, minimum values, ranges, or different percentiles (P10, P90, etc.). In a well-balanced project schedules, different tasks usually have similar level of risks. However, if the risk associated with a task is higher than for other tasks with similar duration or cost, these risks should be carefully analyzed and possibly mitigated. Alternatively, if a task does not have significant risks and uncertainties compared with other similar tasks, it may make sense to analyze the task uncertainties to see if they have been represented properly.
Probabilistic branching allows the project to branch from one task to another task or group of tasks as part of the simulation process. For example, depending on results of project elaboration, there is a 40% chance that one project alternative will be selected and a 60% chance that another project alternative will be selected.
Conditional branching allows the project to branch from one task to another task based on certain conditions. For example, if a feature development task takes longer than 2 weeks, this may be require shorter development time for other features. Conditions related to task duration, finish time, and cost can be specified for each task that has successors. RiskyProject checks these if then conditions during simulations.
Different risks can coincide with each other. For example, bad weather conditions correlates with the delayed delivery of the goods. For each risk you can specify correlated risks or risks that may occur with a specific risk.
RiskyProject allows the user to perform an analysis of different project scenarios using decision trees. Decision trees allow the user to select a viable project alternative based on minimum project cost or duration. Decision trees can be created based on RiskyProject’s project schedule and generated in Vanguard’s Decision Pro software (see www.vanguardsw.com).
RiskyProject is integrated with other project management software. Among them are
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Microsoft Project |
IPDesktop from Intellysis |
MindManager from MindJet |
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Primavera Project Management and SureTrak |
TurboProject from IMSI |
WBS Chart Pro and PERT Chart Expert from Critical Tools |
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FastTrack Schedule 8 from AECSoft |
Project KickStart from Experience in Software |
WelcomRisk from Welcom |
Some applications can be launched directly from RiskyProject. Integration is implemented via XML or, MPX files or a connection to a database.
If you have empirical data related to cost, income, or duration, you can use it to generate a statistical distribution and use it in the analysis. RiskyProject uses Stat:Fit from Geer Mountain Software to generate statistical distributions.
RiskyProject can publish original (baseline) project schedules, as well as the results of analysis on the Web using Project Reporter from CoGenTex (see www.cogentex.com). The portfolio of all published projects can be presented and analyzed on the web. This helps to present your results to the team members or to do a risked vs. unrisked analysis of projects within a portfolio.