Project Risk Analysis Software and Project Risk Management Software Forum

Reference class estimating, also called reference class forecasting, is a method that uses the data from previous similar project or tasks to establish a probability distribution that can be the basis for forecasting he planned activities or project. The use of this historical data provides strong e...

Cost Type resources are a method of entering costs that are not calculated as a using a rate * work formula. They can be capital or operation expenditures such as shipping or travel. They are more flexible than fixed costs as you can add multiple cost type resources to the same activity. http://www....

In RiskyProject you cannot set a default setting for the constraint typ. In RiskyProject, when you add a new task the constraint type will always default to As Soon as Possible. The reason for this is that in schedule risk analysis hard constraints of any kind should be used as this will prevent the...

The Predecessor tab, which is located in the Task Information dialog box, is the central view for defining task predecessors. As well as defining predecessor link (Task ID, Name, and Type) you can also define the lag between the predecessor and successor as a 3pt uncertainty. To add the uncertainty ...

Irreducible risk is sum of the aleatory risk, which is modeled using 3 point estimates for Low, Most Likely, and High for duration and cost, and residual risk that remain due to risk events or epistemic risks that cannot be completely eliminated. Often irreducible and residual risk are considered eq...

With extremely large projects (>50,000) running simulations can be an arduous task. Just loading data into applications can take hours and is one of the reasons that it is not a recommended practice. However, some mega projects require this analysis as part of their Integrated Program Management (IP...

This depends on the objectives for running the analysis? There are a few issues with exporting the results back to MSP that you need to consider: 1. When you open the xml file, if you try import into an existing file, it could overwrite data not directly associated with the simulation results such a...

If you want to use the results of the simulation to create a risk adjusted baseline that the percentile that you use is really a judgement call. Typically, customers who do use the feature export out the Base results (the average durations for each task) to xml which can then be imported into schedu...

Schedule margin normally refers to tasks that are not related to delivering project scope that are added to the project to account for unmanaged risk and uncertainty and increase the chance that the project will be delivered on time. Required schedule margin can be calculated as part of your Monte C...

Risk IDs are a hard coded property of the risk register and differ from the row number that is shown on the far left of the risk register. By default or “Out of the Box”, the Risk ID is not shown in the Risk Register. To add the Risk ID, right-click on a column header in the Risk Register where you ...

Default settings for risk assignment can be set in the Project Options > Risk tab. While it may seem somewhat odd that there would be default settings as each risk should have its own inherent probability and impacts, default settings are actually designed to show new users how risks assignments (ch...

The “Generate Risk IDs automatically” option is located in the Project > Risk tab. As a general rule, we recommend that you generate your risk IDs automatically as the automation ensures that risk IDs created both automatically and consistently and minimizes user error or inadvertent replication. In...

Please be very careful with relaxing some constraints during import files from other scheduling software because it may cause incompatibility between schedules in RiskyProject and other scheduling software.

Generally different resource types in RiskyProject software are implemented similarly to Microsoft Project. It provides very good compatibility between Microsoft Project and RiskyProject. Other project scheduling software may implement resource types differently, however we are trying to ensure good...

The “ Risk assignments to different tasks are correlated option” is located in the Project > Risk tab. So how does it work and why should you use it? Risks can be assigned to one or more tasks and resources. In the underlying risk model, each assignment is considered its own risk event. When the ris...