|
|
|
|
 |
|
|
|
|
Competent risk management protects not only your assets, but also prevents your budgets and schedules from going awry. It's always prudent to establish a long-term and time-tested strategy to carry out risk-assessments and risk-handling routines. With Projma's risk management module you can protect your organization and its ability to carry out its operations with as few roadblocks as possible.
The most prominent processes of risk management are:
| • |
Identifying risks and risk areas |
| • |
Evaluating their impact |
| • |
Taking steps to mitigate their effect |
| • |
Eliminating them if possible |
| |
|
You can easily export the data you generate in this section to your favorite file formats, including the MS®Office file formats.
Our risk management module offers you the following features and benefits: |
|
|
|
|
|
|
The scheduling engine of our risk management module helps you identify the most suitable resources and the risks attached to them, analyze them, and then take the mitigating steps in case of disruptions. It uses the Gantt chart, the available resources and the costs involved to evaluate the risks. It also makes sure different tasks don't clash with each other.
This section also helps you cancel tasks, or restart them according to the need of the hour, or according to the nature of unforeseen risks such as sudden change, absenteeism or increased costs.
The scheduling engine of our risk management module also facilitates multiple statistical distributions such as: |
| |
| • |
Uniform |
| • |
Triangular |
| • |
Normal |
| • |
Lognormal |
| • |
Beta |
| • |
Beta pert |
| • |
Discrete |
| • |
Custom distribution |
|
You can easily assign risks to different tasks so that you can draw an accurate scheduling profile. |
|
|
|
|
|
|
 |
Monte Carlo Simulation Engine |
|
|
|
|
|
|
|
| You can use the Monte Carlo simulation engine to generate random risk scenarios and attach numerical risk values to them, and consequently, assess the uncertainties involved. This engine is used when the nature of projects and the risks involved are very complex-say there are 10 risks and any one of them, or more, can manifest at any given time. Using the Monte Carlo simulation engine you can create "simulations" of all the risk and then prepare an action plan. |
|
|
|
|
|
| The risk management module lets you use the Earned Value Analysis (EVA) method to compare the planned amount of work with what has actually been completed, to determine if the cost, schedule, and work accomplished are progressing in accordance with the plan. |
|
|
|
|
|
|
Project Dashboard 3x3 View |
|
|
|
|
|
| Our 3x3-view project dashboard allows you to 3 crucial tasks simultaneously with 3 crucial risks attached to them. This helps you get a broader picture of where your tasks are heading to and what all you have to take care of. |
|
|
|
| You can use the Gantt chart and other simulation reports to predict the risks during the evolution of a project. You can even create simulated project summary views using our simulation engine. The engine supports detailed charting and reporting and you can assign full statistical simulation reports to either individual tasks or a group of related tasks. This way you can easily track projects bearing great degrees of uncertainties. |
|
|
|
|
|
Sensitivity Analysis View |
|
|
|
|
|
| Sensitivity analysis view can help you determine how various factors (parameters) are going to affect your project and schedule tasks. Some tasks are highly sensitive to risks and other changes, and some are not. This analysis will let you know what projects and tasks will be affected the most. The sensitivity analysis program uses pre-existing data to generate analytical views and mappings. |
|
|
|
| The project and deadlines section lets you setup deadlines for tasks and projects and assign different actions and risks to them. For instance, tasks or projects can be canceled if they reach their deadlines of if mid-way some risks surface. This tells you in advance what chance there is of your team completing the project before the deadline. |
|
|
|
|
|
Managing Mitigation Plans |
|
|
|
|
|
Mitigation plans help you control the risk factors and reduce the effect in case of sudden obstructions and small and big disasters. Mitigation plans can be activated either manually or automatically as risks surface. In this section you can create risk mitigation plans to various projects and tasks. You can also assign the same risk plans to multiple projects and eliminate them if the chance of risk no longer exists. |
|
|
|
|
|
Optimistic And Pessimistic Project Schedule |
|
|
|
|
|
|
| Optimistic project schedules are expected to complete either on time, or way before the deadline, with few risks and deadlocks expected. Pessimistic project schedules on the other hand are expected to be replete with risks and roadblocks and their completion dates are set accordingly. This section helps you gauge whether you can establish pessimistic schedules are optimistic schedules according to the risks you can evaluate. |
|
|
|
|
|
|
Risk Analysis for Project Life Management |
|
|
|
|
|
Appropriate risk analysis tells you how gravely a risk can leave its mark. Typically, the weight of the risk can be evaluated by the formula:
Risk = Probability of an even x cost of the event
In this section you can conduct thorough analysis of various risks that might arise during the life cycle of a project. This can help you draw a project progress line and take steps to mitigate the effect of those risks. |
|
|
|
| This section lets you generate the Tracking Gantt view to obtain a detailed analysis of tasks, their scheduling progress, and the risks involved, and a chart showing baseline and scheduled Gantt bars for each task. |
|
|
|
| Here you can see the chance of a project getting completed. If a project has 64% rate of getting completed then it has 36% chance of not getting completed and you can draw out plans for this 36% case scenario. The task success rate is presented on the Success Rate view, but it can be requested within any view. The Project success rate is shown in the Project Information view. |
|
|
|
Crucial tasks are enumerated as a result of sensitivity analysis. The crucial tasks have the most affect on a project’s duration and finish time. Crucial tasks can be viewed/displayed on the Gantt chart using distinct colors. This section lets you view the list of all the crucial tasks and their associated risks. |
|
|
|
This section lets you view the mappings of risks associated with tasks with the duration of cost of those tasks. Although in most of the well-balanced project schedules the risks are more or less the same, for some tasks the gravity is greater and there proper analysis is needed to mitigate the effect of the risks. The risk chart view helps you pin point these risks and take the necessary steps.
Similarly if a task doesn't seem to have as many risks and uncertainties attached to it, unlike the other projects in the same bracket, you can re-analyze the task to see whether the risks were properly analyzed, using the risk chart view. |
|
|
|
|
|
Probabilistic and Conditional Branching |
|
|
|
|
|
| This section lets you generate the Tracking Gantt view to obtain a detailed analysis of tasks, their scheduling progress, and the risks involved, and a chart showing baseline and scheduled Gantt bars for each task. |
|
|
|
| Every project follows a certain path and it can branch in various directions based on particular probabilities and conditions. This section helps you draw contingency plans in case some unpredictable circumstances arise. You can evaluate risks and chart out plans accordingly. |
|
|
|
| Risk correlation facilitates precision risk management. It tells you in financial terms what damage the risks are going to cause in case they occur. It also helps you gauge its effect on your customer relationship. This section calculates and clearly communicates the intrinsic risk of a particular risk. This way you can take mitigating measures wherever the effects are most acute and your project managers can set policies to monitor the health of your task progress. |
|
|
|
| Risk templates are mostly pre-defined lists of potential risks. There are some default risk templates that come with our risk management module, you can also create your own risk templates according to your specific requirements. Risk templates can save you tons of time especially when you are creating and managing intricate risk analysis situations. When you want to create a new risks-list, just open an existing template and make the few changes you need. |
| |
|
|
|
Creating WBS (Work Breakdown Structure) and PERT (Program Evaluation and Review Technique) charts is a breeze through our risk management module. With a WBS chart you can view the structure of a project showing how a project is organized into summary (phase) and detail levels. A WBS chart lets you display your project and risk details in a more intuitive, graphical manner. A WBS chart is often portrayed graphically as a hierarchical tree in Projma's risk management module; however, it can also be a tabular list of categories and tasks or the indented task list that appears in your Gantt chart schedule.
A PERT chart helps you schedule, organize, and coordinate risks and tasks within a project. |
| |
|
| |
