Quantitative Risk Analysis with WelcomRisk

WelcomRisk by Deltek is an enterprise qualitative risk management software. WelcomRisk allows you to identify and register risk, assign them to projects and activities, and track risks and mitigation efforts. List of activities can be created in WelcomRisk or imported from other project management software. RiskyProject version 3.2 can import data from Welcom Risk using the WelcomRisk wizard and perform quantitative risk analysis. Integration of WelcomRisk and RiskyProject 3.2 allows you to perform analysis based on properly managed reliable risk databases. It helps to mitigate psychological biases, related to estimations of risks and uncertainties (see Event Chain Methodology).

Import data from WelcomRisk to RiskyProject can be done using RiskyProject's WelcomRisk wizard.

1. All risks, associated to a project are registered and analyzed in WelcomRisk. They are presented within web-based environment.

2. To perform quantitative analysis open RiskyProject Professional or RiskyProject Lite, then from the File menu, choose > Import and click on WelcomRisk. You will need to logon to WelcomRisk database.

3. Select a project from the list of all WelcomRisk's projects

4. WelcomRisk uses risk severity and impact values to to define how risks affect tasks. RiskyProject uses risk outcome parameters: risk can delay tasks, cause tasks to be restarted or canceled. You need to map WelcomRisk's severity/impact to RiskyProject's outcomes.

5. Project schedule with risks is imported to RiskyProject

6. Finally, you can perform quantitative risk analysis: determine the chance that the project will be completed on time and within a budget, identify crucial tasks and critical risks, and determine the project success rate

More more information about quantitative and qualitative risk analysis please read our white paper.

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