Decision Tree for projects

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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Tomico
Posts: 63
Joined: Thu May 18, 2006 5:02 pm
Location: Naples, FL

Decision Tree for projects

Post by Tomico » Wed Jun 14, 2006 3:51 pm

I've recently read the article in PM Network reading decision tree analysis in project management. Can RiskyProject perform such type of analysis?

Intaver Support
Posts: 992
Joined: Wed Nov 09, 2005 9:55 am

Post by Intaver Support » Sat Jun 24, 2006 9:37 pm

Tomico,

Intaver Institute is integrated with DecisionPro from Vanguard Software Corporation to generate decision trees.


Here is how it works:

You have project schedule, which is created in RiskyProject or imported from other project management software. This project schedule has a number of alternative scenarios.

So, RiskyProject converts the project schedule into a decision tree. Each activity within the project schedule becomes a node of the decision tree. If an activity has more than one successor, you can define it as a decision node, end node, or event chance node of the decision tree. If the activity is defined as a decision node, this means that, by the end of this activity, a decision will be made on what course of action will be taken. For event nodes, you can define probabilities associated with each branch.

To view a Decision Tree for this particular schedule, just launch DecisionPro using the Tools menu or click the DecisionPro toolbar button in RiskyProject. In DecisionPro, you can clearly see the preferable alternative based on cost or duration criteria:

RiskyProject allows you to perform project scheduling while taking into account risk and uncertainties. If a project has uncertain task durations or costs, selecting viable project alternatives can become increasingly complex. RiskyProject and Decision Pro solve this problem by generating a decision tree based on results of a project risk analysis.

RiskyProject provides tracking of actual project performance. On each phase of the project, RiskyProject will compare projected and actual data, reassess probabilities of risk, recalculate the project schedule, and generate a new decision tree. It will give you an opportunity to analyze project alternatives and select the proper course of action during execution of the project.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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