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RiskyProject Project Risk Management Software Intaver Institute Inc. 303, 6707, Elbow Drive S.W, Calgary, AB, Canada Tel: +1 (403) 692-2252 Fax: +1 (403)

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Presentation on theme: "RiskyProject Project Risk Management Software Intaver Institute Inc. 303, 6707, Elbow Drive S.W, Calgary, AB, Canada Tel: +1 (403) 692-2252 Fax: +1 (403)"— Presentation transcript:

1 RiskyProject Project Risk Management Software Intaver Institute Inc. 303, 6707, Elbow Drive S.W, Calgary, AB, Canada Tel: +1 (403) Fax: +1 (403) Intaver Institute 6/3/2014

2 What Is RiskyProject? Project Scheduling Risk Register Quantitative risk analysis using Monte Carlo simulations Project performance measurement 2 RiskyProject is Windows-based project risk management software. Risky Project gives you a simple answer to a common question: What will happen to your project if certain risks occur? 2012 Intaver Institute 6/3/2014

3 The Project Management Problem Budget Schedule Quality Safety Technology Other measures Projects consistently fail to meet: 2012 Intaver Institute 6/3/2014 3

4 The Project Management Problem Reasons Human psychological limits Inadequate training Poor processes others 2012 Intaver Institute 6/3/2014 4

5 The Project Management Problem Key Project Management Issues How to estimate project duration or cost? What are the most critical risks and how to mitigate them? How to measure project performance? How to make an informed decision about future course of the project? 2012 Intaver Institute 6/3/2014 5

6 The RiskyProject Solution Project risk management made simple RiskyProject is consistent with PMI PMBOK. Risky Project supports the full project risk management process. RiskyProject is very easy to use. RiskyProject is uses a scheduling interface similar to other project popular project management tools. RiskyProject has low implementation and support costs. Compared with the comparative products, RiskyProject provides unmatched value 2012 Intaver Institute 6/3/2014 6

7 The RiskyProject Solution Project risk management for Project Managers Provide state of art quantitative project risk management tools Low cost Ease of implementation Limited initial training required Scalable 2012 Intaver Institute 6/3/2014 7

8 RiskyProject Features Full scheduling engine with costs and resources Full risk register that links to project schedules Quantitative and qualitative analysis Risk+ replacement Easy to use quantitative schedule risk analysis based on risk events Probabilistic cash flow analysis Project tracking with risks and uncertainties Integration with Microsoft Project, Primavera, or other project management software Optional decision tree analysis Analysis of critical risk events which need to be mitigated first 2012 Intaver Institute 6/3/2014 8

9 RiskyProject Features (Continued) Product lifecycle management Risk templates Probabilistic and conditional branching Managing mitigation plans What if analysis Advanced reporting tools Risk event correlations Multiple statistical distributions and distribution fitting 2012 Intaver Institute 6/3/2014 9

10 RiskyProject uses common PM artifacts WBS Resources Costs Risk Register or Risk Lists 2012 Intaver Institute 6/3/ RiskyProject Workflow

11 2012 Intaver Institute 6/3/ RiskyProjects workflow is compatible with PMI, Prince II, and other risk management processes

12 Define Project Schedule Enter complete WBS, as it is done in other project management software Enter resources, cost and income for each task You may also import project schedules from other scheduling tools, such as Microsoft Project or Primavera Intaver Institute 6/3/

13 Risk Register Pre mitigation Probability, Impact, and Score Post mitigation Probability, Impact, and Score Risk register view Separate opened and closed risk and issues Separate threats or opportunities 2012 Intaver Institute 6/3/

14 Risk Form 14 Risk description and status Cost of Risk Management Strategy Review Timeline Double-click on a risk to view or modify Risk Information 2012 Intaver Institute 6/3/2014

15 Qualitative Risk Analysis: Define Risk Probabilities and Impacts 15 If no schedule is attached, qualitative risk assessments can be performed Outcome Types are now qualitative Outcomes for risk categories are qualitative and are based on risk matrix settings 2012 Intaver Institute 6/3/2014

16 Mitigation Plans 16 Add mitigation or risk response plans (cost, expected reduction in probability and impact, an descriptions. Plans can have sub-plans 2012 Intaver Institute 6/3/2014

17 Mitigation Waterfall Chart 17 Track total cost, expected reductions in probability or impact and dates for mitigation plans 2012 Intaver Institute 6/3/2014

18 Risk Reviews and Risk History 18 All risk reviews with details can be saved and tracked in system 2012 Intaver Institute 6/3/2014

19 Assign Risks to Tasks and Resources Define risk chance, outcome and result. Risks can have mutually exclusive outcomes, different outcomes of the same risk Risks can be global (for all tasks or resources) or local (for specific tasks or resources) 2012 Intaver Institute 6/3/ If schedule is attached, quantitative risk assessments is performed

20 Statistical Distributions In addition to risk events you may define uncertainties as statistical distributions for: task cost task start time task duration income associated with task If you enter only the low, base and high cost, duration, start time and income, RiskyProject will generate statistical distribution based on this data Intaver Institute 6/3/2014

21 Monte Carlo Simulation When your project schedule and risk breakdown structure is ready, click here to perform Monte Carlo simulations Intaver Institute 6/3/2014

22 Result Gantt Chart White bars represent original project schedule (no risks) Blue bars represent project schedule with risks Compare original project schedule and result of analysis Intaver Institute 6/3/2014

23 Results of Risk Analysis Project Summary: project duration, cost, and finish time with and without risks Results of analysis for project cost, finish time, and duration Double click on any chart to view detailed information Intaver Institute 6/3/2014

24 Detailed Results of Analysis Move the slider to determine the chance that project will be within budget Get detailed statistical data Data can be exported as an image or text Detailed results can be shown for each task or project for cost, duration, start time, finish time, and income Intaver Institute 6/3/2014

25 Cost vs Schedule Scatter Plot Move the slider to determine the chance of meeting both schedule and budget Base Estimate indicated by yellow dot Intaver Institute 6/3/2014 This plot is often referred to as the Bulls eye or Football chart

26 Cost, Income and Revenue Compare forecasted project costs with (blue line) and without (red line) risks Cost chart is generated based on fixed and variables cost and income associated with tasks and resources Intaver Institute 6/3/2014

27 Probabilistic Cash Flow Analysis Compare cash flows with (blue bars) and without (red line) risks Cash flow is generated based on fixed and variables cost and income associated with tasks and resources Intaver Institute 6/3/2014

28 Sensitivity Analysis Tornado chart shows risks or other parameters that have the most affect on the project schedule Prioritize critical task or risks Intaver Institute 6/3/2014

29 Crucial Tasks Crucial tasks have the most effect on the project schedule Crucial tasks for project cost and duration can be different Intaver Institute 6/3/2014

30 Risk Chart Risk chart shows task duration and versus risk, associated with task This task has low duration but high risk These tasks have balanced risk versus duration ratio Intaver Institute 6/3/2014

31 Risk Matrix Risk Probability, Impact and Score for the current schedule Intaver Institute 6/3/2014

32 2012 Intaver Institute Project Dashboard 3x3 3 most important project parameters (cost, duration, and finish time) 3 most crucial tasks 3 most critical risks Project Dashboard 3x3 is a condensed view of the most important results of analysis 32 6/3/2014

33 Project Tracking This task is 100% completed (green bar) For each task at any moment you may enter how much work has been completed This task is partially completed (yellow bar) Risky project automatically adjusts the probability of risks for partially completed tasks Intaver Institute 6/3/2014

34 Tracking Results New project forecast is done each time actual project data is entered. Original (baseline) project duration Actual project performance Low, base, and high forecast Intaver Institute 6/3/2014

35 Risk register allows you to compare pre and post mitigation risk scores View mitigation efforts Select pre and post mitigation baselines to view on risk register Pre and post mitigation risk scores Intaver Institute 6/3/2014 Advanced Project Risk Management

36 View results for each baseline Select the working schedule that you will use to manage the project Compare different baselines Select the current schedule Compare results for each baseline Intaver Institute 6/3/2014 Advanced Project Risk Management

37 Model different scenarios when project activities are uncertain Gives EV of project given uncertainties in project activities Conditional and Probabilistic Branching Run alternative project branches probabilistically Intaver Institute 6/3/2014

38 Integration with Project Management Software 38 Risk tab installed on Microsoft Project ribbon allows users move projects seamlessly into RiskyProject 2012 Intaver Institute 6/3/2014 RiskyProject can import schedules from Oracle Primavera and other project management software.

39 Intaver Institutes Services Intaver Institute performs project risk management, risk analysis, and decision analysis training and consulting Popular Intavers training courses include: Project management: theory and best practices Introduction to project risk management: theory and case studies Project decision analysis Quantitative methods in project management Introduction to RiskyProject: basic RiskyProject workflow and features Advanced features of RiskyProject Professional Intaver Institute 6/3/2014

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