December 23, 2016
Q: Integration with Asta PowerProject
Can I do risk analysis with Asta PowerProject using RiskyProject?
A: Yes, in Asta PowerProject you can save your project in Microsoft Project XML format. When you have saved the file, you can then Open RiskyProject and from the File menu, choose Import, Microsoft Project XML.
RiskyProject is largely compatible with Asta PowerProject files, though we do not support links between two tasks that have both SS and FF. In these cases, RiskyProject will ignore one of the links.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=6&t=1330
Friday 30 December 2016
Thursday 29 December 2016
32 vs 64-bit versions of RiskyProject
December 23, 2016
Q: 32 vs 64-bit versions of RiskyProject
Is any different in functionality and performance of Win32 vs x64?
A: Whether you should use 32 or 64 bit version of software is dictated by the version of the operating system you have. 64-bit software will not run on 32-bit operating systems, though a 32-bit software will run on a 64-bit system. 64-bit software does provide some performance increases. Higher processing speed, better memory allocation are two, but this is irrelevant if you have a 32 bit Windows OS.
Rule of thumb: Install 32-bit software on a Windows 32-bit OS, install 64-bit software on a Windows 64-bit OS.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=3&t=1329
Q: 32 vs 64-bit versions of RiskyProject
Is any different in functionality and performance of Win32 vs x64?
A: Whether you should use 32 or 64 bit version of software is dictated by the version of the operating system you have. 64-bit software will not run on 32-bit operating systems, though a 32-bit software will run on a 64-bit system. 64-bit software does provide some performance increases. Higher processing speed, better memory allocation are two, but this is irrelevant if you have a 32 bit Windows OS.
Rule of thumb: Install 32-bit software on a Windows 32-bit OS, install 64-bit software on a Windows 64-bit OS.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=3&t=1329
Wednesday 28 December 2016
Effect of Statistical Distributions on Success Rates
December 23, 2016
Q: Effect of Statistical Distributions on Success Rates
Does the type of statistical distribution matter when we calculate success rate due to deadline?
A: Yes, the success rate can be affected if the distributions have significantly different probability density at the deadline. In the example below, there are two tasks with the exact same estimates, but the statistical distributions are different: Triangular and Uniform with deadlines set at 6 days, one more than the base estimate of five. We can see that Task 1 has a much higher success rate than Task 2. This is because the probability or area under the curve at ≥ 6 days is greater with the Uniform Distribution and therefore the success rate of finishing at or before 6 day duration is less for Task 2.
Statistical distribution for duration for task 1 is Trangular.
Statistical distribution for duration for task 2 is Uniform
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=2&t=1328
Q: Effect of Statistical Distributions on Success Rates
Does the type of statistical distribution matter when we calculate success rate due to deadline?
A: Yes, the success rate can be affected if the distributions have significantly different probability density at the deadline. In the example below, there are two tasks with the exact same estimates, but the statistical distributions are different: Triangular and Uniform with deadlines set at 6 days, one more than the base estimate of five. We can see that Task 1 has a much higher success rate than Task 2. This is because the probability or area under the curve at ≥ 6 days is greater with the Uniform Distribution and therefore the success rate of finishing at or before 6 day duration is less for Task 2.
Statistical distribution for duration for task 1 is Trangular.
Statistical distribution for duration for task 2 is Uniform
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=2&t=1328
Tuesday 27 December 2016
Combining Deadlines and Branching
December 16, 2016
Q: Combining Deadlines and Branching
What happens if a deadline is placed on one of the alternative branches
A: Depending upon where the deadline occurs, it can reduce the success rate of of the branch. Deadlines can be used to measure how often an activity is successfully completed before a certain date. If you run 1000 iterations and the activity finishes on or before the deadline 660 times. The success rate will be 66%.
In addition, success rates are also affected by branching and show how often particular branches meet the criteria set for the branches. If we have both branching and deadlines combined.
In the example below, a deadline has been place on Scenario 2 > Phase 3 on the same day as the Base Finish Time. This deadline cuts off any results that exceed the Base finish time and has therefore a reduced success rate when compared to the other two scenarios .
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=4&t=1327
Q: Combining Deadlines and Branching
What happens if a deadline is placed on one of the alternative branches
A: Depending upon where the deadline occurs, it can reduce the success rate of of the branch. Deadlines can be used to measure how often an activity is successfully completed before a certain date. If you run 1000 iterations and the activity finishes on or before the deadline 660 times. The success rate will be 66%.
In addition, success rates are also affected by branching and show how often particular branches meet the criteria set for the branches. If we have both branching and deadlines combined.
In the example below, a deadline has been place on Scenario 2 > Phase 3 on the same day as the Base Finish Time. This deadline cuts off any results that exceed the Base finish time and has therefore a reduced success rate when compared to the other two scenarios .
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=4&t=1327
Launching MS Project from RiskyProject
December 16, 2016
Q: Launching MS Project from RiskyProject
I noticed that from the Launch menu, it lists several tools including MS Project. How does this work and will it send the results of my analysis to MS Project?
A: If you run a risk analysis in RiskyProject, you can automatically export it back to MS Project either as the original plan or based on a certainty level (percentile) based on results of the simulation. To export you results to MS Project.
1. Run a simulation.
2. From the File menu, choose Launch and then Microsoft Project. The Export Schedule dialog box opens.
3. Select either Deterministic (the original plan) or a percentile. Low and High are defined in the Project Options > Calculation. By default this is P10 and P90. Or you can enter a custom percentile.
4. Click OK. The schedule will open in MS Project.
For more information please visit: http://intaver.com/IntaverFrm/viewtopic.php?f=2&t=1326
Q: Launching MS Project from RiskyProject
I noticed that from the Launch menu, it lists several tools including MS Project. How does this work and will it send the results of my analysis to MS Project?
A: If you run a risk analysis in RiskyProject, you can automatically export it back to MS Project either as the original plan or based on a certainty level (percentile) based on results of the simulation. To export you results to MS Project.
1. Run a simulation.
2. From the File menu, choose Launch and then Microsoft Project. The Export Schedule dialog box opens.
3. Select either Deterministic (the original plan) or a percentile. Low and High are defined in the Project Options > Calculation. By default this is P10 and P90. Or you can enter a custom percentile.
4. Click OK. The schedule will open in MS Project.
For more information please visit: http://intaver.com/IntaverFrm/viewtopic.php?f=2&t=1326
Monday 26 December 2016
Addin fails to load cannot find resources folder
December 2, 2016
Q: Addin fails to load cannot find resources folder
A: If you get an error message that the Addin failed to load an OutputDistr.png in a Resources folder this can happen if you have installed the software in a User folders of the system. The standard location is c:/program files/Intaver/RiskyProject xxx/ or any other location, defined during installation process. The resources folder is a virtual folder that is created at runtime and contains files used to generate the addin. In the above case, Microsoft Project will look of the Resource file in the install location, where as the Addin will generate resource folder in Program Files.
To fix this uninstall RiskyProject and reinstall it in the Program Files or any other location, defined during installation process.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=3&t=1321
Q: Addin fails to load cannot find resources folder
A: If you get an error message that the Addin failed to load an OutputDistr.png in a Resources folder this can happen if you have installed the software in a User folders of the system. The standard location is c:/program files/Intaver/RiskyProject xxx/ or any other location, defined during installation process. The resources folder is a virtual folder that is created at runtime and contains files used to generate the addin. In the above case, Microsoft Project will look of the Resource file in the install location, where as the Addin will generate resource folder in Program Files.
To fix this uninstall RiskyProject and reinstall it in the Program Files or any other location, defined during installation process.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=3&t=1321
Primavera integration task links
December 16, 2016
Q: Primavera integration task links
Unlike MS Project, Primavera supports tasks that have both FF and SS link between them. Is this supported in RiskyProject?
A: RiskyProject will import a schedule that has two tasks that are linked with both SS and FF relationships. However, because RiskyProject does not natively allow users to create these types of links, it will ignore one of the links.
For more information please visit: http://intaver.com/IntaverFrm/viewtopic.php?f=3&t=1325
Q: Primavera integration task links
Unlike MS Project, Primavera supports tasks that have both FF and SS link between them. Is this supported in RiskyProject?
A: RiskyProject will import a schedule that has two tasks that are linked with both SS and FF relationships. However, because RiskyProject does not natively allow users to create these types of links, it will ignore one of the links.
For more information please visit: http://intaver.com/IntaverFrm/viewtopic.php?f=3&t=1325
Sunday 25 December 2016
New book: Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management
December 23, 2016
New book: Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management
The Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management, by Yuri Raydugin (Editor), published by IGI Global is a comprehensive reference source for emerging perspectives on managing risks associated with the execution and development of projects. Intaver Institute staff members contributed two chapters to this book.
Highlighting innovative coverage written by top industry specialists, such as complexity theory, psychological bias and risk management fallacies, probabilistic risk analysis, and various aspects of project decision making, this book is ideally designed for project and risk managers, project engineers, cost estimators, schedulers, safety and environmental protection specialists, corporate planners, financial and insurance specialists, corporate decision makers, as well as academics and lecturers working in the area of project management and students pursing PMP, PMI-RMP, ISO 31000, etc. certification.
For more information visit: http://www.igi-global.com/book/handbook-research-leveraging-risk-uncertainties/165881
http://intaver.com/news/
New book: Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management
The Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management, by Yuri Raydugin (Editor), published by IGI Global is a comprehensive reference source for emerging perspectives on managing risks associated with the execution and development of projects. Intaver Institute staff members contributed two chapters to this book.
Highlighting innovative coverage written by top industry specialists, such as complexity theory, psychological bias and risk management fallacies, probabilistic risk analysis, and various aspects of project decision making, this book is ideally designed for project and risk managers, project engineers, cost estimators, schedulers, safety and environmental protection specialists, corporate planners, financial and insurance specialists, corporate decision makers, as well as academics and lecturers working in the area of project management and students pursing PMP, PMI-RMP, ISO 31000, etc. certification.
For more information visit: http://www.igi-global.com/book/handbook-research-leveraging-risk-uncertainties/165881
http://intaver.com/news/
Saturday 24 December 2016
RiskyProject Integration with CA PPM (CA Clarity PPM)
December 6, 2016
RiskyProject Integration with CA PPM (CA Clarity PPM)
CA Project and Portfolio Management (CA Clarity PPM) provides the visibility, control, and automation to support today’s most critical business processes, including IT Governance, New Product Development, Risk and Controls Management and Enterprise Program Management (EPM). RiskyProject/CA PPM solution enables integrated qualitative and quantitative project and portfolio risk management and risk analysis based on CA PPM data. Intaver Institute Inc. using technology and tools offered by its partner IT-ROI Solutions implements custom integration between RiskyProject/CA PPM. RiskyProject can read project and portfolio schedules as well as risks with their properties from CA PPM. Using this information RiskyProject generates risk adjusted project schedules, rank projects based on risks and uncertainties within a portfolio, select critical risks and perform risk mitigation planning.
For more information visit: http://www.itroisolutions.com/
RiskyProject Integration with CA PPM (CA Clarity PPM)
CA Project and Portfolio Management (CA Clarity PPM) provides the visibility, control, and automation to support today’s most critical business processes, including IT Governance, New Product Development, Risk and Controls Management and Enterprise Program Management (EPM). RiskyProject/CA PPM solution enables integrated qualitative and quantitative project and portfolio risk management and risk analysis based on CA PPM data. Intaver Institute Inc. using technology and tools offered by its partner IT-ROI Solutions implements custom integration between RiskyProject/CA PPM. RiskyProject can read project and portfolio schedules as well as risks with their properties from CA PPM. Using this information RiskyProject generates risk adjusted project schedules, rank projects based on risks and uncertainties within a portfolio, select critical risks and perform risk mitigation planning.
For more information visit: http://www.itroisolutions.com/
Friday 23 December 2016
Risk categories vs Risk Outcomes
December 12, 2016
Q: Risk categories vs Risk Outcomes
What is the difference between risk category and risk outcome type?
A: This is a common question because it is a slightly different concept than standard risk management terminology. In RiskyProject, there are risk categories that can be composed of 1 or more outcomes. The reason for this is lies in the Monte Carlo simulation models. To quantitatively model cost or duration risk requires not only categories, but subcategories that further define the risk assignment which are called Outcomes Types. For example, for a cost risk, it can be defined as a fixed cost outcome ($) or a relative cost outcome (% of the base cost).
So when risks are assigned in Risk Project they have inputs: Chance (%) and Outcome Type (Fixed or relative)> Outcome and outputs that are the more common Probability, Impacts and Scores.
For non quantitative risk categories such as Quality, RiskyProject uses the same calculation algorithm and requires that the risk modeling be consistent. Therefore, all risk categories require at least one risk outcome type.
For example, if you have a risk category Quality, you must also define an outcome type for it Quality Risk. The outcome must be unique as it will be listed because when running quantitative risk analysis only outcomes types (e.g Relative cost increase, Fixed cost increase, …) are listed not the risk categories.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=6&t=1324
Q: Risk categories vs Risk Outcomes
What is the difference between risk category and risk outcome type?
A: This is a common question because it is a slightly different concept than standard risk management terminology. In RiskyProject, there are risk categories that can be composed of 1 or more outcomes. The reason for this is lies in the Monte Carlo simulation models. To quantitatively model cost or duration risk requires not only categories, but subcategories that further define the risk assignment which are called Outcomes Types. For example, for a cost risk, it can be defined as a fixed cost outcome ($) or a relative cost outcome (% of the base cost).
So when risks are assigned in Risk Project they have inputs: Chance (%) and Outcome Type (Fixed or relative)> Outcome and outputs that are the more common Probability, Impacts and Scores.
For non quantitative risk categories such as Quality, RiskyProject uses the same calculation algorithm and requires that the risk modeling be consistent. Therefore, all risk categories require at least one risk outcome type.
For example, if you have a risk category Quality, you must also define an outcome type for it Quality Risk. The outcome must be unique as it will be listed because when running quantitative risk analysis only outcomes types (e.g Relative cost increase, Fixed cost increase, …) are listed not the risk categories.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=6&t=1324
NPV calculation
December 12, 2016
Q: NPV calculation
How can I calculate the project NPV?
A: NPV calculation is a feature of the Cashflow view. If your project has both costs and income, the Cashflow view will present a cash flow chart as well as the calculated NPV for both the original plan and with risks and uncertainties. To calculate the NPV enter a discount rate in the Discount Rate box. Once you have a discount rate, during the simulation, RiskyProject will calculate both the NOV and the IRR (Internal Rate of Return).
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=4&t=1323
Q: NPV calculation
How can I calculate the project NPV?
A: NPV calculation is a feature of the Cashflow view. If your project has both costs and income, the Cashflow view will present a cash flow chart as well as the calculated NPV for both the original plan and with risks and uncertainties. To calculate the NPV enter a discount rate in the Discount Rate box. Once you have a discount rate, during the simulation, RiskyProject will calculate both the NOV and the IRR (Internal Rate of Return).
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=4&t=1323
What is the difference between risk category and risk outcome type?
December 12, 2016
Q: Risk categories vs Risk Outcomes
What is the difference between risk category and risk outcome type?
A: This is a common question because it is a slightly different concept than standard risk management terminology. In RiskyProject, there are risk categories that can be composed of 1 or more outcomes. The reason for this is lies in the Monte Carlo simulation models. To quantitatively model cost or duration risk requires not only categories, but subcategories that further define the risk assignment which are called Outcomes Types. For example, for a cost risk, it can be defined as a fixed cost outcome ($) or a relative cost outcome (% of the base cost).
So when risks are assigned in Risk Project they have inputs: Chance (%) and Outcome Type (Fixed or relative)> Outcome and outputs that are the more common Probability, Impacts and Scores.
For non quantitative risk categories such as Quality, RiskyProject uses the same calculation algorithm and requires that the risk modeling be consistent. Therefore, all risk categories require at least one risk outcome type.
For example, if you have a risk category Quality, you must also define an outcome type for it Quality Risk. The outcome must be unique as it will be listed because when running quantitative risk analysis only outcomes types (e.g Relative cost increase, Fixed cost increase, …) are listed not the risk categories.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=6&t=1324
Q: Risk categories vs Risk Outcomes
What is the difference between risk category and risk outcome type?
A: This is a common question because it is a slightly different concept than standard risk management terminology. In RiskyProject, there are risk categories that can be composed of 1 or more outcomes. The reason for this is lies in the Monte Carlo simulation models. To quantitatively model cost or duration risk requires not only categories, but subcategories that further define the risk assignment which are called Outcomes Types. For example, for a cost risk, it can be defined as a fixed cost outcome ($) or a relative cost outcome (% of the base cost).
So when risks are assigned in Risk Project they have inputs: Chance (%) and Outcome Type (Fixed or relative)> Outcome and outputs that are the more common Probability, Impacts and Scores.
For non quantitative risk categories such as Quality, RiskyProject uses the same calculation algorithm and requires that the risk modeling be consistent. Therefore, all risk categories require at least one risk outcome type.
For example, if you have a risk category Quality, you must also define an outcome type for it Quality Risk. The outcome must be unique as it will be listed because when running quantitative risk analysis only outcomes types (e.g Relative cost increase, Fixed cost increase, …) are listed not the risk categories.
For more information visit: http://intaver.com/IntaverFrm/viewtopic.php?f=6&t=1324
Sunday 18 December 2016
New Intaver Institute’s website
December 3, 2016
New Intaver Institute’s website
Intaver Institute just unveiled new look of company’s web site www.intaver.com. Its responsive design allows the web site to be viewed on different mobile platforms including smart phones and tables. We also include more information about our RiskyProject software, our risk analysis and risk management methodology and our consulting and training services.
For more information please visit: http://intaver.com/news/
Saturday 17 December 2016
Can the Lite version be used with RiskyProject Enterprise
December 1, 2016
Q: Can the Lite version be used with RiskyProject Enterprise
We currently have about 15 user licenses with a mixture of Professional and Lite and are considering moving to your enterprise version. Can we continue to use the Lite version with the Enterprise database.
A: Yes, both RiskyProject Professional and RiskyProject Lite can be used as clients for the Enterprise version. This requires you to:
a. Go to Tools > RiskyProject Configuration group > Update RiskyProject License.
b. Click Next and you will be prompted to close RiskyProject. Next time you open RiskyProject Lite, you will need to define database connection properties as it was described in RiskyProject Enterprise Administrator’s Guide.
For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=6&t=1318
Q: Can the Lite version be used with RiskyProject Enterprise
We currently have about 15 user licenses with a mixture of Professional and Lite and are considering moving to your enterprise version. Can we continue to use the Lite version with the Enterprise database.
A: Yes, both RiskyProject Professional and RiskyProject Lite can be used as clients for the Enterprise version. This requires you to:
a. Go to Tools > RiskyProject Configuration group > Update RiskyProject License.
b. Click Next and you will be prompted to close RiskyProject. Next time you open RiskyProject Lite, you will need to define database connection properties as it was described in RiskyProject Enterprise Administrator’s Guide.
For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=6&t=1318
Saving documents
December 1, 2016
Q: Saving documents
Can we save or attach related documents to RiskyProject?
A: Documents can be either saved or linked to any risk in RiskyProject Enterprise.Documents can be saved or linked and updated at any time. There are no limits to the number or size/type of documents that can be linked to a risk. In the example below we have saved a file to the database that includes additional information regarding the risk assessment.
We can see the link to the file in the Documents tab. The description tells us that it is saved in the database. Click the Extract Document button, to save it to a local drive.
For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=6&t=1319
Q: Saving documents
Can we save or attach related documents to RiskyProject?
A: Documents can be either saved or linked to any risk in RiskyProject Enterprise.Documents can be saved or linked and updated at any time. There are no limits to the number or size/type of documents that can be linked to a risk. In the example below we have saved a file to the database that includes additional information regarding the risk assessment.
We can see the link to the file in the Documents tab. The description tells us that it is saved in the database. Click the Extract Document button, to save it to a local drive.
For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=6&t=1319
How can I view only specific risks?
December 1, 2016
Q:How can I view only specific risks?
We have large project and the risk register currently has over 100 risks and it is becoming difficult to find specific risks. We would like to see just the subset of risks that are impacting our team. Is there anyway to do this?
A: Yes, you can filter the risk register based on any risk property. In the risk Custom Properties you can use one of the predefined properties eg. Division or Team. Ensure that when risks are identified that the property is populated with your team’s unique name (e.g Design). This can then be used to filter the risk.
To define a filter, click the Filter button on the Risk Register. In the example below, we created a filter to show risks being managed by the Drilling Crew. Filters use Boolean logic and with and or statements, so this could be extended to Managers for specific regions or other properties.
For more information please visit:http://www.intaver.com/IntaverFrm/viewtopic.php?f=2&t=1320
Q:How can I view only specific risks?
We have large project and the risk register currently has over 100 risks and it is becoming difficult to find specific risks. We would like to see just the subset of risks that are impacting our team. Is there anyway to do this?
A: Yes, you can filter the risk register based on any risk property. In the risk Custom Properties you can use one of the predefined properties eg. Division or Team. Ensure that when risks are identified that the property is populated with your team’s unique name (e.g Design). This can then be used to filter the risk.
To define a filter, click the Filter button on the Risk Register. In the example below, we created a filter to show risks being managed by the Drilling Crew. Filters use Boolean logic and with and or statements, so this could be extended to Managers for specific regions or other properties.
For more information please visit:http://www.intaver.com/IntaverFrm/viewtopic.php?f=2&t=1320
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