Project Risk Analysis Software and Project Risk Management Software Forum

How should I update risks in when miti during the project when certain measures have been implemented and the risks in terms of probability and impact have been reduced . Should I create a baseline 1 and then adjust the probability and impact in Pre-Mitigation to reflect the current value of the risk? I would expect it to be logical to fill in the "actual" probability and impact under "Assign Mitigation" or in the risk detail screen, and then, when I click "process" somewhere, these new values should be used as input for the Monte Carlo Analysis.
Right now, despite entering data in either the risk detail screen or in Assign Mitigation, there is no impact or result shown in the Monte Carlo Analysis.

You are correct. Unlike Response plans which can be both quantitative and qualitative, mitigation plans are qualitative plans and has no effect on the simulation results. Regardless of whether you have mitigation plans or not, you should be reviewing and updated risk probability and/or impacts on a regular basis to have reflected in the analysis.

Our clients who are using RiskyProject for both cost and schedule risk analysis and Risk Management (Identification Assessment, Planning, and Control) tend to run the two processes in parallel.

If you want to run scenarios with pre-mitigation and with different mitigation strategies, you will need to use Baselines .