Project Risk Analysis With Monte Carlo Simulations

  • Integrated Quantitative and Qualitative Risk Analysis
  • Schedule and Cost Risk Analysis
  • Risk Register
  • Risk+ replacement
  • Integration with Microsoft Project, Oracle Primavera, and other software

Here are some of RiskyProject clients:

System Requirements

  • Windows XP or higher
  • 128 MB RAM or more
  • 20 MB hard drive space
  • monitor resolution 800x600
  • .NET Framework 2.0 or higher

RiskyProject Lite 6.0

Monte Carlo Schedule Risk Analysis Software


RiskyProject Lite is a project risk analysis software. RiskyProject Lite includes schedule risk analysis, cost risk analysis, risk register, risk adjusted Gantt chart, multiple reporting view.

RiskyProject Lite is designed for project managers without advanced knowledge of risk analysis theory. With it, you can create a project schedule or use project schedule from Microsoft® Project, Oracle® Primavera, or other project management applications. Once you have your schedule, just define your risks using risk register and calculate the schedule to determine your risk profile.

RiskyProject Lite is

  • Schedule and cost risk analysis using Monte Carlo simulations
  • Integrated Monte Carlo risk analysis for Microsoft® Project
  • Integration with Oracle® Primavera and other project management software
  • Replacement for Risk+
  • Risk events
  • Risk Register
  • Risk adjusted project schedule
  • Probabilistic resource allocation
  • Correlations between task durations and cost; risk event correlation
  • Multiple customizable reporting views
  • Project tracking with risks and uncertainties
  • Easy to use, no programming required!

Seamless Integration with Microsoft® Project

Both RiskyProject Lite and RiskyProject Professional are seamlessly
integrated with Microsoft® Project:

Project risk analysis for Microsoft Project

Click here for more information about RiskyProject for Microsoft® Project.

RiskyProject Features

Project Scheduling

Integration with Microsoft® Project and Oracle® Primavera

RiskyProject is built around its own scheduling system. You can define task parameters, relationships between them, constraints, resources, and cost without using Microsoft® Project, Oracle® Primavera, or any other scheduling software.

However, if you are already a user of Project, Oracle Primavera, or other project management software, you can seamlessly open project, created by these applications and augment existing data by assigning uncertainties to your tasks and projects.

Risk Register

A risk register is a set of all risks and issues in the project. Issues are risks that have occurred and therefore are having an actual affect on your project. You can easily convert risks to issues. You can open and close risks. Risks in the risk register may have different properties (owner, recorder, contact, date recorded, date converted to issue, location, etc.). You may customize any properties for all projects.

Risks and issue can be assigned to different tasks and resources or be global. For example, you could assign the risk "Budgetary problem" to all tasks that this risk could affect. Each risk assignment will have different probabilities and outcomes. For example, "Budgetary problems" assigned to task "Project elaboration" will have chance of occurrence 30% and outcome "Restart task".

After calculation, the risk register will present calculated risk impact, risk probability and risk score, which is equal probability multiplied on impact.

In addition to the risk register, uncertainties in the RiskyProject can be represented using statistical distributions.

See Online Documentation for more information.

Assigning Risks to Tasks and Resources

Setting up your project for risk analysis has never been easier. RiskyProject's interface is designed to allow you to quickly add and edit your project risks. To assign risk to tasks you may use risk register, global and local risk views, assign them separately for each task or resource.

RiskyProject allows you to define default settings for task, resource and risk parameters and when you need help an interactive system of legends and on-screen help messages will guide you though the process of modeling your project schedule.

See Online Documentation for more information.

Result Gantt Chart

The results of your project risk analysis are shown on the Results Gantt chart. You will see the ranges for start and finish times of each task, and be able to compare them with baseline or original project schedule.

The RiskyProject scheduling engine is designed and optimized for risk analysis. Probabilistic calculations with multiple simulations are performed quickly: on small projects, the calculations are instantaneous. This is important, for as new information about the project performance becomes available, you can quickly reanalyze the project as often as required.

Risks and issues can be shown on the Gantt chart as arrows. The calculated impact of a risk is color-coded. For threats green = low, yellow = medium, and red = high. For opportunities, colors are opposite. The size of the arrow represents the risk probability. Click on an arrow to view information about the particular risk.

See Online Documentation for more information.

Probabilistic Cash Flow Analysis

RiskyProject probabilistic cash flow Analysis based on original project schedule and project schedule with risks and uncertainties (results of analysis). RiskyProject allows you to specify or calculate actual cost for each task. Actual cost, budgeted cost, and cost as a result of analysis (with risks and uncertainties) are displayed using interactive cash flow diagrams. You can determine difference between actual and budgeted cost on the each stage of the project.

See Online Documentation for more information.

Project Dashboard 3x3

Project Dashboard 3x3 is an easy way to view results of analysis: three main project parameters (cost, duration, finish time) with and without risk; three most crucial tasks, three most critical risks.

See Online Documentation for more information.

Optimistic and Pessimistic Project Schedule

Optimistic (low) and pessimistic (high) project schedule can be displayed separately on Result Gantt chart. It gives you an opportunity to analyze different project scenarios.

Tracking Projects

Because real-life data is sometimes the only way to assess your uncertainties correctly, tracking is one of the most important components of RiskyProject. To track a task, you enter the percentage of the task done on the particular date. RiskyProject then calculates the projected task duration and updates the risk profile of the task. The project schedule is recalculated to give you a more accurate estimate of total cost, project finish time, and duration.

Deadlines

RiskyProject allows you setup task deadlines and assign different actions to them. For example, tasks can be canceled if the task or reaches the deadline. In this case, the success rate of the task (chance the project or task will be completed) is reduced.

RiskyProject Lite, Professional, and Enterprise

RiskyProject Enterprise is a portfolio risk management software. RiskyProject Professional features advanced risk analysis functionalities: project planning, scheduling, quantitative risk analysis, and project performance measurement. RiskyProject Lite has the same project scheduling and performance measurement functionalities, but it includes only basic quantitative risk analysis functionalities.

RiskyProject Features RiskyProject Lite RiskyProject Professional RiskyProject Enterprise
Project and Portfolio Planning and Scheduling
Portfolio time, cost, and risk management
Portfolio hierarchy and portfolio Gantt Chart
Work breakdown structure for individual projects
Gantt Chart for induvidual projects
Resource and work management
Project cost management
Constraints and deadlines
Multiple baselines
Multiple project, task, and resource calendars
Risk Management
Risk Register (risks and issues, threats and opportunities, open and close risks, risk properties, risk probabilities, impacts, and scores, search and filter risks based risk properties)
Schedule and non-schedule risks (schedule, cost, safety, quality, environment, technology, legal, etc.)
Share Risk Register among different projects
Common risk register accessible by different users with an organization
Rank projects within a portfolio based on risks, portfolio and project risk profiles
Customizable risk categories and outcomes
Easily assign risks to tasks or resources
Risk correlations
Risk templates (standard risk templates are included)
Types of Uncertainty
Risk events for tasks and resources (fixed or relative delay, fixed of relative cost increase, Task restart, End task, Cancel task, etc.)
Multiple statistical distributions for task duration, cost, income start time, and lags (Uniform, Triangular, Normal, Lognormal, Exponential, Rayleigh, Gumbel, Beta, BetaPert, Discrete, Custom, and others) In MS Project Add-in
Conditional branching (If-Then-Else analysis)
Probabilistic branching
Probabilistic calendar
Quantitative Risk Analysis
Monte Carlo Simulations
Global risks (for all tasks or resources)
Local risks (for selected task or resource)
Cost analysis with risks and uncertainties
Analysis of success rate using project and task deadlines
Risk analysis for product lifecycle management
Sensitivity analysis (analysis how uncertainties affect project duration, cost, finish time, and success rate) In MS Project Add-in
Analysis of risk mitigation using multiple baselines
Reporting Tools
Customizable histograms and cumulative probability plots for task or project duration, start and finish times, cost, work, resource allocation, income and revenue In MS Project Add-in
Project information views (view original project parameters and results of simulation)
Result Gantt view (compare original project schedule with results of analysis)
Optimistic and pessimistic project portfolio view
Customizable risk matrix: Risk probability vs. impact
Customizable risk report
Report Views: Cash flow, Critical risks, Crucial task, success rate, and others
Risk mitigation (“waterfall”) diagrams
Integration with other project management tools
RiskyProject Add-in for Microsoft Project
Integration with Oracle Primavera
Other Project Management Software: Safran Project, Project KickStart, FastTrack, WBS Chart Pro, PERT Chart Expert, and other project management software*.
Tracking
Forecasting of duration of incomplete tasks with risks and uncertainties
Project tracking views
Other features
Secure access to the corporate database
User management: multiples users with different roles and permissions
Free unlimited customer support via email
Online help and tutorial

* third-party software should be purchased separately

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