CorProfit is a new reseller of RiskyProject

March 24, 2016

CorProfit is a new reseller of RiskyProject

CorProfit has become new value added reseller of RiskyProject software. CorProfit provides management consulting, business development, market research, and professional training. CorProfit's dedicated team helps you develop business plan and strategy, understand customers, define brand, create powerful marketing solutions and improve processes. CorProfit is headquartered in Dubai, UAE.

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Mitigation and Response plan view

March 24, 2016

Q: Mitigation and Response plan view
Can I create a hierarchy of mitigation and response plan and Mitigation and Response view?

A: Yes, the Mitigation and Response Plans view supports hierarchies similar to how you would set up Summary and sub tasks in a Gantt Chart.
To create a subplans:

1. Create a plan. You can do this by simply typing a name into the name field, This will be the Plan
2. Under your plan, create another plan. You should now have two plans.
3. Select the second plan.
4. Click the outdent button on Structure > Outdent.

It is possible to create multiple levels.

For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=2&t=1237

Qualitative risk analysis

March 24, 2016

Q: Qualitative risk analysis
Are fields in Risk Information Dialog box (cost, trigger, etc.) linked to quantitative risk analysis?

A: Quick answer is no, this information is not used in the quantitative analysis, rather is part of the risk planning/management capability. If you are performing quantitative risk analysis, you can calculate the cost of the risk by turning risks off and on and using the difference in cost (or schedule) as the expected cost of the risk. This can then be entered in the Risk Properties and become the basis for the cost benefit analysis of particular risk handling strategies.

The same can be done for risk triggers. If you want to model this in the schedule, you can correlate risks to approximate this relationship.

For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=3&t=1236

Non-standard shift

March 24, 2016

Q: Non-standard shift
How can I assign non-standard shifts in calendars, e.g. all Mondays are not working; how calendar exceptions are defined?.

A: All calendars are defined in the Working Time dialog box. RiskyProject comes with 4 predefined calendars:

• Standard Working Time: Monday to Friday, 8 am – 5 pm, 1 hr lunch break
• Morning Off: 1-5 pm.
• Afternoon Off: 8 am – 12pm
• 24 Hours: 24 hrs/day, 7 day/week

If you select any of these calendars, they will apply these settings to the entire project calendar which can be set in Project Settings.
You can apply these settings to specific days in a calendar, by selecting a day and then clicking the working time options. For example if you wanted (as above) set Monday as non-working time, you would select each Monday in the calendar and then click the Nonworking Time option. When exceptions are made to the project calendar, the days are marked with a bar to indicate an exception.

By default if you import your schedule from another scheduling tool, RiskyProject will use the calendars that are defined in the scheduling tool.

For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=2&t=1235

Project Priorities

March 16, 2016
Q: Project Priorities
How do project priorities affect results of project portfolio analysis.
A: Project priorities reflect the importance of a project are used in the calculation of each project’s risk score. Priority levels range from 0% - 100%. By default projects have a priority of 100%. When risk scores are calculated . When you analyze risks at the project level the priority does not affect the risk score.
An example would be a risk that has a probability of 50% and impact of 50%. The risk score would be 25%.
However, if we looked a summary project risk register and the project itself had a priority of 50, then it would now be calculated as (.5 *.5*.5) =12.5%
This will be true for all of the risks for that particular project. Their risk scores will be weighted according to the project priority and in the portfolio views the risks scores for Cost, Schedule and other risk will be impacted by the project priority.

For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=6&t=1234

Calculation of risk impact

March 16, 2016

Q: Calculation of risk impact
Why are calculated risk impacts are different for individual projects as compared to a project portfolio in RiskyProject enterprise?

A: Imagine you are planning a supply convoy out to a refugee camp that is comprised of many trucks with varying loads, some load are much more critical than others. The trucks that carry the most critical supplies (e.g. medical) have a higher priority, they need to get there as quickly as possible. Whereas other trucks may be carrying less critical supplies and delivery time is less important, therefore they have lower priority.

Now when we are planning each vehicle has a risks that could delay the trip. For each vehicle, depending upon their age, make, etc., each risk might have its own probability and impact. The driver of the each truck can prioritize these risks and manage them accordingly. However, if we look at the convoy as a whole, we then need to manage the risks at the convoy level we understand how each risk could affect the convoy and the appropriate level at which to manage them.

For example, there are two risks that have been identified. One is “flat tires” and the other is “reluctance of local groups to allow safe passage”. Now on some trucks, the tire may have just been replaced and the chance that a flat will occur is relatively low, whereas in others, the opposite may be true. Depending on the priority of the trucks cargo, the risk score for each truck may be different even if they have the same probability of this occurring. In this case, you will allow each crew to assess and manage this risk on a truck by truck basis. If many of the high priority trucks will be impacted by this risk, the risk score will be higher. In this case, you may decide to manage this risk at the convoy level. If we look at the risk of being granted safe passage we will see that it will impact every truck in the convoy and this case must be managed by the convoy leaders.

Now if we replace trucks with projects and convoy with portfolio, we can see that each project can have the same risk, but with different risk scores. If we then look at the overall impact of the risks at a higher level, it may provide additional information regarding appropriate management actions to address the risk.

Here is an example how calculated impact is presented in risk register for RiskyProject Enterprise.


For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=2&t=1232

Risk correlations

March 16, 2016

Q: Risk correlations
How important is risk correlation: If risks are correlated vs. not correlated how does it affect results?

A: This is really a “it depends” question. Correlation means that if one risk occurs then it will trigger another to occur. It can be somewhat more complex than this especially if the correlated risks have different probabilities; however, for this discussion we will just keep it simple. What our own research has shown that risk correlation only has statistically significant impacts on simulation results if the correlation is 100% and the probabilities are relatively high.

Because of these findings, in RiskyProject our correlation is binary, either 0 or 100%. We believe this provides an accurate modelling without adding undue complexity to the models. Therefore, advice is that if you have two important risks that are correlated, then correlate them. Otherwise, use correlation with caution.

The example below illustrates the difference between event chain and independent events. Monte Carlo simulations were used to perform the analysis. The project includes three activities of 5 working days each. Each activity is affected by the event “restart activity” with a probability of 50%.

For more information please visit: http://www.intaver.com/IntaverFrm/viewtopic.php?f=4&t=1233