Press Release
For Immediate Release
April 14, 2009
RiskyProject version 3.1 - Quantitative Project Risk Analysis and Management
(Press Release) April 14, 2005 – Intaver Institute Inc. today announced the release of RiskyProject 3.1 that provides project planners a flexible, yet powerful tool to analyze and manage schedule and non-schedule project risks.
Typically, schedule and non-schedule risks, such as risks related to quality, safety, environment are analyzed separately: quantitative analysis is performed on schedule risks, qualitative analysis is performed on non-schedule risks such as those that involve safety or quality issues. With the latest version of RiskyProject, schedule and non-schedule risks can be analyzed and managed using RiskyProject’s risk register. The latest version of RiskyProject represents a huge leap in our project risk analysis and management capabilities. Our new Risk Outcomes manager and Risk Register provides risk managers the ability analyze and manage all of their project risks using the same tool. Project planners and managers will be able to apply the same criteria to both schedule and non-schedule risks when assessing and prioritizing risks.
New features in this release of RiskyProject Professional 3.1
Risk register and issue management: A risk register is a set of all risks and issues in the project and includes a full set of searchable risk properties that can be filtered and sorted. Issues are risks that have occurred and therefore are having an actual affect on your project. You can easily convert risks to issues or open and close risks depending upon their status. Risks in the risk register may have different properties. The risk register shows the calculated risk impact, risk probability and risk score, which is equal probability multiplied on impact and including post-mitigation impacts and score. The risk register can be exported and used for other projects.
Non-schedule risks and user-defined risks outcomes: Quantitative risk analysis can be performed on any type of risks outcomes including non-schedule risks. Non-schedule risk are risks that are not related to the project schedule (affect cost or duration), but can have an effect on overall project success such as quality, safety, performance, etc. You can now rank risks of all types based on scores. Risks affecting quality, safety, technology, project duration, cost, and others can be ranked together. In addition, for non-schedule risks (quality, safety, etc.), you do not necessarily need a project schedule to perform analysis.
Event chain diagrams and improved risk assignment interfaces: Risks and issues can be shown on the Gantt chart as arrows which are color-coded to indicate the calculated risk impact. RiskyProject 3 has significantly eased risk assignment. With the Risk Register, you can assign all risks (local or global) to the project schedule.
Risk Matrix: The Risk matrix shows project risks’ impacts and probabilities and allows you to identify critical risks. In addition, the Risk matrix shows both threats and opportunities. The Risk Matrix is fully customizable: you can define the size of the matrix and risk attitude.
Probabilistic Cash Flow Analysis: You can generate probabilistic Cash Flow charts showing monthly, bi-monthly, quarterly, or yearly cost and income allocation. You can also apply Net Present Value (NPV) discount rates and internal rate of return (IRR). The Cash flow view includes cost and income data in both table and chart format for the current schedule, results of analysis, and actuals.
Probabilistic Work Management: Define and calculate probabilistic work management for different resources in RiskyProject 3. The result of this analysis includes statistical distribution of work for complete projects and each resource.
Multiple Baselines: Save the current schedule or the calculated results as a baseline. A baseline is a deterministic project schedule, which you can use to track project performance against the baseline, analyze different project scenarios, perform mitigation analysis or perform a cost comparison between the pre and post mitigation baselines. Baselines can be created using the results of probabilistic schedule analysis.
Probabilistic Calendar and Calendar improvements: Model weather and other calendar related event’s using probabilistic calendars. If your project has a 30% chance of running an inclement weather schedule, you can create this calendar with reduced hours of operation and run it 30% of the time during the project to model this calendar risk. In addition, RiskyProject 3 now has calendars that are associated with specific resources and tasks.
Improved Probabilistic and Conditional Branching: Branching performance has been significantly improved. Tasks with branches are clearly indicated on the Gantt chart for easy identification. Additional branching actions have been added.
RiskyProject comes in two versions: RiskyProject Professional and RiskyProject Lite. RiskyProject Professional is designed for advanced project planning and scheduling, quantitative risk analysis, project performance measurement. RiskyProject Lite is introductory level project risk management software.
Intaver Institute Inc. is a leading innovator in the field of project management software, offering our clients unique, cost effective software solutions to their project and portfolio management challenges. Intaver Institute is dedicated to advancing and adding to our patent pending Event Chain Methodology. This technology is the foundation of our project management software product RiskyProject: project planning, quantitative risk analysis, and project performance measurement tool. Intaver Institute is a privately held company headquartered in Calgary, Alberta, Canada.
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