Duration convergence affecting Cost Validity?

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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RKL
Posts: 4
Joined: Tue Nov 22, 2005 1:05 pm
Location: Ottawa, ON, Canada

Duration convergence affecting Cost Validity?

Post by RKL » Fri Mar 13, 2009 8:32 am

If I am interested in only doing a simple model of Cost Impacts and use a single task with all cost risks assigned to it, would the solution for the Cost Risk be invalid since the convergence is based on duration?

Would it be better to:

Use a single task with an extremely wide range of duration with all cost risks assigned to that task

Use multiple tasks in a chain with a "reasonable" duration spread and apply a single cost risk to each task

Cheers

Bob
Ottawa, On

Intaver Support
Posts: 823
Joined: Wed Nov 09, 2005 9:55 am

Post by Intaver Support » Wed Apr 01, 2009 12:39 pm

We recommend creating one task and assign multiple risks, related to cost to this task. If you are using fixed cost increase risks, you need to define some fixed cost for this task. In RiskyProject 2.1 by default number of simulation will be 100. It may be insufficient, therefore to may go to Tools -> Options -> Calculation and disable conversion monitoring. RiskyProject will run exact number of simulations defined in Calculation tab of Options dialog.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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