Risk management video



Keywords: risk management, project risk management, project risk analysis, schedule risk analysis, sra, project decision analysis, project management software, project risk analysis software, project risk management software, project management, project management methodology, event chain methodology, risk analysis, quantitative risk analysis, monte carlo simulations
Description: Videos by Intaver Institute: how to use RiskyProject for project risk analysis and risk management

The video provides an overview of the basic workflow of RiskyProject: a project risk management and risk analysis software.

RiskProject is a project risk analysis and management software that allows users to perform schedule and cost risk analysis and project risk management in one integrated software. In addition to providing a tour of the software's interface, the demonstration quickly goes over how to assign risk events to project cost and schedules as well as uncertainties on a simple project. After running a Monte Carlo simulation, the results of simulation are shown including the main statistical charts: histograms, cumulative probability plots, and tornado charts (sensitivity analysis).

This video tackles a common question that we get from users of our schedule risk analysis software RiskyProject. How may iterations do you need to do in Monte Carlo schedule risk analysis to get accurate results?

As we shall see, using a simple example and examining common statistical measures, users do not need to run as many iterations for Monte Carlo schedule risk analysis as common believed to calculate valid results. Moreover, the video will show that perhaps, concerns about how the number of iterations impacts the validity of the results is misplaced and really the greater emphasis should be placed on ensuring the quality and accuracy of the input data as this has a larger potential to negatively impact the risk analysis than the number of iterations.

The video show basic concepts behind Monte Carlo project schedule risk analysis. Based on example of very simple project schedule this video demonstrates Monte Carlo sampling process. The video also shows basics steps of Monte Carlo simulation for the precedence network.

Monte Carlo offers a universal method to analyse your schedule. It does not matter what combination of tasks you have and what distributions they have, Monte Carlo will be able to calculate an accurate, if probabilistic, answer.

The alternative method for Monte Carlo risk analysis (as opposed to applying uncertainties) is to assign risks from your risk register to your project schedule and costs. RiskyProject has an integrated risk register that allows you to assign risk outcomes - probabilities and impacts - to your project, which we refer to as Event Chain methodology.

Using risks to model project uncertainty will generally lead to better forecasts as people are much better at understanding how a risk will impact a project if it occurs.






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