Cost/Benefit Analysis

[DavidB]

We need to perform cost/benefit analysis that takes into account the project's risk and alternatives. How RiskyProject can help me?

[Intaver Support]

RiskyProject includes project decision analysis functionalities. You can create project schedule, which contains different project scenarios. You can assign fixed of variable costs to task and resources.

The project schedule can be converted to the decision tree. Decision tree analysis will present you with cheapest alternative.

[DavidB]

How do the risks and uncertainties in my project schedule affect the cost/benefit analysis?

[Intaver Support]

RiskyProject allows you to perform project scheduling while taking into account risk and uncertainties. If a project has uncertain task durations or costs, selecting viable project alternatives can become increasingly complex. RiskyProject and DecisionPro solve this problem by generating a decision tree based on results of a project risk analysis.

DecisionTree can be generated based on mean duration or cost from probabilistoc analysis (with risks and uncertainties).

RiskyProject provides tracking of actual project performance. On each phase of the project, RiskyProject will compare projected and actual data, reassess probabilities of risk, recalculate the project schedule, and generate a new decision tree. It will give you an opportunity to analyze project alternatives and select the proper course of action during execution of the project.

[DavidB]

Thanks. I will give the decision tree a shot. Do you guys have any other information regarding decision trees?

[Intaver Support]

You can go to http://www.intaver.com/riskyproject_decisionpro.html or http://www.intaver.com/downloads/RiskyP ... ionPro.pdf.

[Intaver Support]

With the release of version 7, the decision tree integration has been removed. However, you can still perform a similar analysis using multiple baselines. This involves creating alternative models of your project which can include risks, uncertainties, risk mitigation activities etc. For more information on this, please visit our blog http://intaver.com/blog-project-managem ... scenarios/. While the main topic is modeling risk mitigation strategies, this does include the cost/benefit analysis that is an inttegral part of risk planning.

[Intaver Support]

We are currently working on RiskyProject version 8 and considering including decision tree analysis. It will go only to RiskyProject Professional.