Project Decision Analysis

General discussion and questions about project risk management and risk analysis software RiskyProject. Includes discussion on how to perform efficient project risk analysis using our software.

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Kathy
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Joined: Sat Nov 26, 2005 11:06 am
Location: London, UK

Project Decision Analysis

Post by Kathy » Sat Nov 26, 2005 11:12 am

PMBOK Chapter 11 talks about using decision trees for project management and I noticed that you say that RiskyProject can convert my project schedules into a decision tree. How does it work?

Intaver Support
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Post by Intaver Support » Sat Nov 26, 2005 11:15 am

RiskyProject converts the project schedule into a decision tree. Each activity within the project schedule becomes a node of the decision tree. If an activity has more than one successor, you can define it as a decision node, end node, or event chance node of the decision tree. If the activity is defined as a decision node, this means that, by the end of this activity, a decision will be made on what course of action will be taken. For event nodes, you can define probabilities associated with each branch. 

To view a Decision Tree for this particular schedule, just launch DecisionPro using the Tools menu or click the DecisionPro toolbar button in RiskyProject. In DecisionPro, you can clearly see the preferable alternative based on cost or duration criteria.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

Kathy
Posts: 14
Joined: Sat Nov 26, 2005 11:06 am
Location: London, UK

Post by Kathy » Sat Nov 26, 2005 11:19 am

Are you saying that I need another software package to use decision trees in RiskyProject?

Intaver Support
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Post by Intaver Support » Sat Nov 26, 2005 11:24 am

You need to have DecisionPro from Vanguard Software Corporation (see www.vanguardsw.com). Intaver Institute is Vanguard reseller. You can purchase DecisionPro from Intaver Institute or directly from Vanguard.

In addition to decision tree analysis DecisionPro also includes Monte Carlo simulations, Markov chains, etc.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

Kathy
Posts: 14
Joined: Sat Nov 26, 2005 11:06 am
Location: London, UK

Post by Kathy » Sat Nov 26, 2005 11:28 am

Can I use RiskyProject Lite with DecisionPro to generate project decision tree?

Intaver Support
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Post by Intaver Support » Sat Nov 26, 2005 11:31 am

No,

Project decision analysis is supported by RiskyProject professional only.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

Kathy
Posts: 14
Joined: Sat Nov 26, 2005 11:06 am
Location: London, UK

Post by Kathy » Sat Nov 26, 2005 11:32 am

Thanks, I will download DecisionPro and will try it with RiskyProject Professional.

Intaver Support
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Joined: Wed Nov 09, 2005 9:55 am

Post by Intaver Support » Sat Nov 26, 2005 11:37 am

One small comment.

If you want to generate decision tree based on project schedule, make sure that you have clearly defined project alternatives or scenarios. RiskyProject can convert any schedules to decision tree, however decision tree analysis make sense only if you want to select viable project alternative based on cost and duration criteria,
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

Intaver Support
Posts: 921
Joined: Wed Nov 09, 2005 9:55 am

Re: Project Decision Analysis

Post by Intaver Support » Tue May 26, 2020 9:48 am

Exporting schedule based decision trees has been discontinued with the release of version 7 in 2017.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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