How does RiskyProject deal with risk probability when it is entered an index range vs %

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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Aren_YU
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Location: Canada

How does RiskyProject deal with risk probability when it is entered an index range vs %

Post by Aren_YU » Sun Oct 06, 2019 7:40 pm

What I would like to understand if I add risk probability as a % rather than a label (e.g Medium) or Index (3) how Risky Project will deal with this on a probabilistic way? If there are multiple runs will it stick to adding days X% of the time or will it add smaller delays more frequently and larger delays less frequently?

Intaver Support
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Re: How does RiskyProject deal with risk probability when it is entered an index range vs %

Post by Intaver Support » Sun Oct 06, 2019 7:47 pm

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% probability. For 1 (Very Low) , the ranges is 1-20% and it will use 10% for during the simulation.

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So if you have a risk with a probability of 15%, if you are entering it using ranges RiskyProject will use 10% as opposed to the more accurate discrete probability value.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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