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Intaver Institute

Riskyproject Professional 4.2



Intaver Institute Riskyproject Professional 4.2

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Advanced Project Management Software with Risk Register and Monte Carlo Analysis

Project managers can use RiskyProject for planning, scheduling, quantitative risk analysis, and performance measurement of projects with multiple risks and uncertainties.

RiskyProject allows managers to improve their ability to predict the course of projects and determine how risks and uncertainties will affect the project schedule. With RiskyProject, you can optimize the course of your project: track project performance and risk together and analyze the affect of your mitigation efforts. It will help increase the chance that your project will be on time and on budget.

RiskyProject Features:

Project Scheduling

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.

Risk Register

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. The risk register also may show probability, calculated impact and score of the risk after mitigation.

The risk register can be exported and used for other projects.

In addition to the risk register, uncertainties in the RiskyProject can be represented using statistical distributions.

See Online Documentation for more information.
Click here for online tutorial

Non-schedule risks
Customizable Risk Categories

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.

See Online Documentation for more information

Assigning Risks to Tasks and Resources

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.
Click here for online tutorial

Result Gantt Chart

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.
Click here for online tutorial

Risk Probability vs. Impact Matrix

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.
Click here for online tutorial

Probabilistic Earned Value Analysis

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.

You can also view a project cash flow. The Cash flow analysis view shows monthly, bi-monthly, quarterly, and 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.

See Online Documentation for more information.
Click here for online tutorial

Product Lifecycle Management

In addition to cost analysis RiskyProject includes income and revenue analysis with risks and uncertainties. You may perform risk analysis related to both product development and product sales. RiskyProject has separate sets of risks related to income, such as Fixed Income Increase and Relative Income Increase.

See Online Documentation for more information.

Interface to Simulation Results

Just double-click on each bar within the Gantt chart to view histograms for duration, start and finish times, and cost, associated with the particular task.

See Online Documentation for more information

Tracking Projects

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. These new results are then presented in the Tracking Gantt Chart.

See Online Documentation for more information.
Click here for online tutorial

Deadlines

RiskyProject allows you setup project deadlines for tasks and projects and assign different actions to them. For example, tasks or projects can be canceled if the task or the project reaches the deadline. In this case, the success rate of the project or task (chance the project or task will be completed) is reduced.

See Online Documentation for more information.

Probabilistic Calendar

You can now 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 particular resources and tasks.

Sensitivity Analysis (Tornado Diagram)

Sensitivity Analysis shows you the input parameters (task duration, start and finish time, success rate, etc.) that have the most affect on project parameters (total project cost, total duration, project finish time, and success rate). Sensitivity analysis allows you to identify critical risks, which have the potential of significantly affecting your project. These critical risks should be the key focus of your risk mitigation efforts. The results of sensitivity analysis are presented in sensitivity charts.

See Online Documentation for more information.
Click here for online tutorial

Crucial Tasks

Crucial Tasks are those tasks, according to the sensitivity analysis, whose duration has the most affect on a project’s duration and finish time are crucial tasks. Uncertainties related to critical tasks should be assessed and the risks associated with these tasks should be mitigated. Crucial tasks are displayed on the Gantt chart using distinct colors.

See Online Documentation for more information.
Click here for online tutorial

Success Rate Gantt

Risks and deadlines can affect task success rates. You can quickly identify tasks with that fall within specific success rates by assigning different colors to ranges of success rates. For example, those tasks whose success rate falls between 0 and 10% could be assigned the red color.

See Online Documentation for more information.
Click here for online tutorial

Project Summary and Project Dashboard 3x3

The Project Summary view shows the main information about project: total cost or revenue (if income is defined), finish time, duration, and success rate for both deterministic and probabilistic calculations.

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. Total project cost, duration, and finish time with risks are presented based on mean values. Crucial tasks and critical risks are presented as a result of sensitivity analysis.

See Online Documentation for more information.

Reporting Tools

RiskyProject comes with powerful reporting tools. You can output the project schedule from each step of the workflow. RiskyProject’s customizable Task Sheet and Result Task Sheet allow you to see task information in table format. The results can be printed, exported to the clipboard in graphic and text format, or exported to as a JPEG file. This is particularly useful if you want to publish results of your analysis to the web.

Risk Templates

Risk templates are standard sets of risks that allow you to quickly and simplify add risks to tasks and projects. A number of templates are included to RiskyProject package. In addition, it is easy to create your own templates, which you can use for your own projects.

See Online Documentation for more information.

Managing Mitigations Using Multiples Baselines

RiskyProject now supports multiple baselines. You can 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. For example, if you want to understand effect of mitigation efforts for a group of risks on project cost. To compare pre and post mitigation schedules, you perform an analysis without mitigation efforts and save the results as a baseline. Next, apply mitigation efforts, this can require additional tasks and costs and reduces the probability or impact of the risk in the current schedule. Calculate the post-mitigation schedule analysis and create another baseline with these results. Finally, perform a cost comparison between the pre and post mitigation baselines.

See Online Documentation for more information.
Click here for online tutorial

Managing Mitigation and Response Plans

You can define mitigation plans using the Mitigation view. Mitigation plan can be execute when risk is occurred. RiskyProject will count, how many times the mitigation plan is executed. The diagram, which shows how often the mitigation plan is executed, will be displayed within a mitigation view. One mitigation plan will be executed only once per task even multiple risks occur.

See Online Documentation for more information.

Risk Chart

Risk chart shows risks associated with tasks versus task duration or task cost. The risk is expressed as task standard deviation of task duration or cost, maximum, minimum values, ranges, or different percentiles (P10, P90, etc.). In a well-balanced project schedules, different tasks usually have similar level of risks. However, if the risk associated with a task is higher than for other tasks with similar duration or cost, these risks should be carefully analyzed and possibly mitigated. Alternatively, if a task does not have significant risks and uncertainties compared with other similar tasks, it may make sense to analyze the task uncertainties to see if they have been represented properly.

See Online Documentation for more information.

Probabilistic Branching
Conditional Branching (If-Then-Else analysis)

Probabilistic branching allows the project to branch from one task to another task or group of tasks as part of the simulation process. For example, depending on results of project elaboration, there is a 40% chance that one project alternative will be selected and a 60% chance that another project alternative will be selected

Conditional branching allows the project to branch from one task to another task based on certain conditions. For example, if a feature development task takes longer than 2 weeks, this may be require shorter development time for other features. Conditions related to task duration, finish time, and cost can be specified for each task that has successors. RiskyProject checks these if then conditions during simulations.

See Online Documentation for more information.
Click here for online tutorial

Correlations of risk events

Different risks can coincide with each other. For example, bad weather conditions correlates with the delayed delivery of the goods. For each risk you can specify correlated risks or risks that may occur with a specific risk.

See Online Documentation for more information.

Optimistic and Pessimistic Project Schedule

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.

Multiple Statistical Distributions

In addition to the Risk Register uncertainties in the RiskyProject can be represented using statistical distributions. Using RiskyProject’s intuitive interface, you can define ranges for the following task parameters: duration, start time, cost, and lag between task successor and predecessor.

RiskyProject supports the following distributions for task duration, start time, and cost:

Beta, Gamma, Lognormal, Triangular, BetaPert, Gumbel, Normal, Uniform, Cauchy, Exponential, Laplace, Custom, Discrete, Rayleigh

Distribution Fitting

If you have empirical data related to cost, income, or duration, you can use it to generate a statistical distribution and use it in the analysis. RiskyProject uses Stat:Fit from Geer Mountain Software to generate statistical distributions.

See Online Documentation for more information.

RiskyProject Lite and RiskyProject Professional

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.

- Windows XP or higher
- 128 MB RAM or more
- 20 MB hard drive space
- monitor resolution 800x600
- .NET Framework 2.0 or higher
- CD-ROM drive

 





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