Project
Management Software with Risk
Register and Monte
Carlo Analysis
RiskyProject Lite
is project management software with integrated risk analysis.
RiskyProject allows project managers to perform project planning, scheduling,
quantitative risk analysis, and performance measurement of projects with
multiple risks and uncertainties.
RiskyProject Lite is designed for project managers without advanced knowledge of
risk analysis theory. With it, you can create a project schedule or import it
from Microsoft® Project, Primavera®,
or other project management applications. Once you have your schedule, just
define your risks using risk register and calculate the schedule to determine your risk profile. RiskyProject
Lite will determine how risks and uncertainties will affect project schedule.
Integration with Microsoft®
Project and Primavera®
RiskyProject
is built around its own scheduling system. You can define task
parameters, relationships between them, constraints, resources,
and cost without using Microsoft® Project, Primavera, or any
other scheduling software.
However,
if you are already a user of Project, Primavera, or other
project management software, you can seamlessly open project,
created by these applications and augment existing data by
assigning uncertainties to your tasks and projects.
A risk register is a set of all risks and issues in the project. Issues are risks that have occurred and therefore are having an actual affect on your project. You can easily convert risks to issues. You can open and close risks. Risks in the risk register may have different
properties (owner, recorder, contact, date recorded, date converted to
issue, location, etc.). You may customize any properties for all projects.
Risks and issue can be assigned to different tasks and resources or be global. For example, you could assign the risk “Budgetary problem” to all tasks that this risk could affect. Each risk assignment will have different probabilities and outcomes. For example, “Budgetary problems” assigned to task “Project elaboration” will have chance of occurrence 30% and outcome “Restart task”.
After
calculation, the risk register will present calculated risk impact, risk probability and risk score, which is equal probability multiplied on impact.
In
addition to the risk register, uncertainties in the RiskyProject
can be represented using statistical distributions.
RiskyProject
performs quantitative risk analysis on any types of risks outcomes including non-schedule risks. Non-schedule risk
categories include quality, safety, performance, etc. You may
add or replace any risk categories.
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.
Setting
up your project for risk analysis has never been easier.
RiskyProject’s interface is designed to allow you to quickly
add and edit your project risks. To assign risk to tasks you may
use risk register, global and local risk views, assign them
separately for each task or resource.
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. See Online
Documentation for more information
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.
The
RiskyProject scheduling engine is designed and optimized for
risk analysis. Probabilistic calculations with multiple
simulations are performed quickly: on small projects, the
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.
Risks and issues can be shown on the Gantt chart as arrows. The calculated impact of a risk is color-coded. For threats green = low, yellow = medium, and red = high. For opportunities, colors are opposite. The size of the arrow represents the risk probability. Click on an arrow to view information about the particular risk. See
Online
Documentation for more information
The risk matrix shows project risks’ impact 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
tolerance. See Online
Documentation for more information
RiskyProject performs earned value analysis based on original
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.
See Online
Documentation for more information.
Project Dashboard 3x3 is an easy way to view results of
analysis: three main project parameters (cost, duration, finish
time) with and without risk; three most crucial tasks, three
most critical risks. See Online
Documentation for more information.
Optimistic (low) and pessimistic (high) project schedule can
be displayed separately on Result Gantt chart. It gives you an
opportunity to analyze different project scenarios.
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.
RiskyProject allows
you setup task deadlines and assign
different actions to them. For example, tasks can be
canceled if the task or reaches the deadline. In
this case, the success rate of the task (chance the
project or task will be completed) is reduced.
RiskyProject professional features advanced risk analysis
functionalities: project planning, scheduling, quantitative risk
analysis, and project performance measurement. RiskyProject Lite has
the same project scheduling and performance measurement
functionalities, but it includes only basic quantitative risk analysis
functionalities.
