Does Riskyproject have contingency planning

General discussion and questions about project risk management and risk analysis software RiskyProject. Includes discussion on how to perform efficient project risk analysis using our software.

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Does Riskyproject have contingency planning

Post by Ken » Tue Apr 12, 2016 10:05 pm

Can I define risks that execute contingency plans ?
Ken the PM

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Re: Does Riskyproject have contingency planning

Post by Intaver Support » Tue Apr 12, 2016 10:08 pm

In RiskyProject, risks can be managed using two processes. The first is a mitigation plan which is one or more activities that will occur before period in which a risk could occur to minimize either the impact or probability of the risk occurring. Mitigation plans are generally created as assigned to risks in the Mitigation Water fall chart.

The second method is the Risk Response plan and allow you to put in place a cost and duration for a plan that will be activated if the risk occurs. For example, if you have a risk of losing a key resource, your contingency plan, would be to find a suitable replacement, which may take time and money. With a response plan you can model the cost and time required by assigning the plan to the risk. Response plans are similar to a risk assignment, in that they can have cost or schedule impacts, but they can be used on multiple risks.

When you run a simulation with risks with response plans, each time the risk occurs in a specific iteration it with add the cost and time of the response plan to your results. At the end of the simulation, the results will include the expected values for cost and duration for each response plan.

Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject

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