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

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

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

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/

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

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

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