Project Risk Analysis Software and Project Risk Management Software Forum

The software supports both uncertainty (aleatory risk) and events (epistemic risks). Risk events are managed in the Risk workflow and can be assigned with probability and impacts to cost and schedule (fixed or relative). We recommend the use of statistical distributions to model ranges of impacts. W...

Risk assignments are calculated for each activity or resource independently and it is possible to have different probabilities and outcomes for different assignments for the same risk. So you can have the same risk “Weather”, but assign different probability and impacts to different activities based...

For quantitative analysis, we recommend adding probability as a “% “ as it is more accurate. Otherwise, if you use ranges or labels, it takes the middle value of the range for the analysis. For example, if you are using (1,2,3,4,5) as defined in the default matrix, each range represents 20% probabil...

While we do “allow” users to link summary tasks to the precedent network, it is not recommended as a best practice. It can cause logic errors, circular paths, and also issues with critical path and sensitivity analyses. Here is a well designed video that explains why you should not link summary task...

Work calculation occurs anytime you change the duration of a task that includes resources with resource calendars that are different from the project calendar that the tasks is using. This is due to how task duration, work, and units are calculated. When you create tasks, you must select a task type...

The answer to your question depends upon they type of project you are modeling. Non-working times that include exceptions as well as periods where work cannot be performed due to weather conditions, do not calculate work for affected resources. However, in some projects, weather delays (non-working ...

Weather calendars are specifically designed to model known ranges of weather-related non-working days during the execution of a project. The main effect of using weather calendars when also performing cost analysis of time dependent cost analysis using resource rates is that even though there is a w...

Tasks can be identified with 6 different icons: summary tasks, summary tasks with constraints, subtasks, subtasks with constraints, subtask with notes, and subtasks with notes and constraints. These icons definitions can be viewed in the Legends pane, which can be enabled in the Tools tab, View grou...

In our methodology, cost contingency is calculated as the difference between the base estimate and a calculated percentile that is calculated from the simulation. This is referred to as “risk adjusted” cost contigency. A very common value used is P80 which means that 8 out of 10 times the cost of th...

In new RiskyProject 7.1 which suppose to be released very shortly we significantly improved sorting capabilities.

Yes you can, but a risk template will overwrite all information in a risk register. Therefore, it is better to think of how risk templates differ from risk registers. Risk templates are lists of risks with risk assignments. Assignments are composed of Type, Chance, Outcome Type, Outcome, and statist...

This is a question we do get from people who have sat in on our webinars or read some of our blog posts as they seem to describe the same thing, but they do describe slightly different types of risk. Residual risk is the risk that will still remain after risk management activities or plans have been...

In order to implement Latin Hypercube all samples for all distributions must be generated in advanced, before Monte Carlo simulations of the schedule. In includes distributions for task durations, cost, work, lags, etc. It can be done using multiple processing cores with some limitation. However it ...

Risk factors are way to assign uncertainties due to specific sources. Normally uncertainties are assigned to schedule or costs using three point estimates (low, most likely, and high). These uncertainties represent aleatory risk: uncertainties due to natural variance that cannot be managed. However,...

If you have not yet imported the risk template into the project, if you load a risk template into a the Risk tab of the Task Information dialog box, the risks will be automatically added to the risk register. To load a risk template into Task Information > Risk tab, click Load Risk Template. http://...