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Project and Portfolio Risk Management with RiskyProject Enterprise

Intaver Institute Inc. offers RiskyProject Enterprise, a comprehensive project and portfolio risk management process. This software includes features such as a risk register, project risk analysis through Monte Carlo simulations, continuous risk management, ranking of risks and projects, and mitigation planning. With RiskyProject Enterprise, organizations can effectively manage risks and ensure successful project outcomes.

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Project and Portfolio Risk Management with RiskyProject Enterprise

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  1. Project and Portfolio Risk Management with RiskyProject Enterprise Intaver Institute Inc. 303, 6707, Elbow Drive S.W, Calgary, AB, Canada Tel: +1 (403) 692-2252 Fax: +1 (403) 259-4533 www.intaver.com Intaver Institute Inc.

  2. Project and Portfolio Risk Management Process Project Portfolio includes multiple project schedules Comprehensive risk register includes all information about risk, issues, lesson learned for the organization Open project schedule within a portfolio Assign risks from risk register to this schedule Perform project risk analysis: Monte Carlo simulations of project schedule Continuously perform risk management for all project Rank risks for the project Rank projects within a portfolio based on risk exposure Apply mitigation and response plans to the critical risks Intaver Institute Inc.

  3. Project Portfolio Project risk scores for duration, cost, and other parameters (quality, safety, security, etc.) This is project portfolio. Each Bar represents a project. Each project within a portfolio has uncertainties which calculated as a result of Monte Carlo simulations This is a list of projects within a portfolio Percent completed for each project Intaver Institute Inc.

  4. Risks may have different probabilities, impacts, and scores Portfolio risk register includes all portfolio risks with their properties Portfolio risk register Risks can be threats, opportunities, or both Risks can be open and closed. Risks can be assigned to different projects and within a project to different tasks Risk register includes risks, issues, and lessons learned Intaver Institute Inc.

  5. Double click on risk within a risk register and assign different risk properties Risk Properties Cost of risk includes potential and expect losses before and after mitigation Risk response planning Information for risk reviews Intaver Institute Inc.

  6. Risk Categories Risk can belong to different categories. The list of risk categories is fully customizable Default risk categories include schedule-related categories (schedule and scope, cost and income) and non-schedule categories (safety, environment, quality, legal, performance, and technology) You can define relative important for each risk category Intaver Institute Inc.

  7. This Project becomes current: you may now edit this schedule Open particular project Double click on the project within a portfolio and open project schedule This is Gantt Chart of a project schedule Intaver Institute Inc.

  8. Assign Risks to Tasks and Resources Drag this risk and drop it on selected tasks: “Delay due to weather” will affect task “Drilling” This is current project schedule This is corporate risk register Intaver Institute Inc.

  9. Define Risk Probability and Impact This risk belongs to two categories: schedule and quality When you drop risk on tasks you can define risk probability and impact This risk cause fixed delay on 3 days (12% chance) and quality problems Intaver Institute Inc.

  10. Assigning Uncertainties You may also define risk uncertainties in form of statistical distributions for cost, income, duration and start time This is statistical distribution for the duration of the selected tasks Intaver Institute Inc.

  11. Monte Carlo Simulations Now you can perform Monte Carlo simulations Six risks are assigned to this task This is original project schedule (no risks) This is project schedule with risks: the project takes much longer Intaver Institute Inc.

  12. Project cost with risks Project cost without risks Project cost with risks Actual cost Intaver Institute Inc.

  13. Probabilistic project cash flow Project NPV and IRR Monthly cash flow with risks Monthly cash flow without risks Intaver Institute Inc.

  14. This is a risk register for individual project. The list of risks is the same as for portfolio but probabilities and impacts are different Risk register for individual project These risks are not assigned to this project Intaver Institute Inc.

  15. Double click on each project bar within a portfolio Gantt Chart to view results of Monte Carlo simulations When you save individual project all results on Monte Carlo simulation will be saved in the database View results of risk analysis in project portfolio Intaver Institute Inc.

  16. This chart shows project duration or cost vs. risks Risked Projects This is the riskiest project Intaver Institute Inc.

  17. Risks with a red area of the matrix need to be mitigated Portfolio risk matrix Arrows represent mitigation: probability and impact of risks will be reduced due to mitigation efforts Intaver Institute Inc.

  18. Managing Mitigation Plans Each mitigation plan has cost which is used in risk cost calculation All mitigation and response plans for project portfolio are saved in the database and shared for all risks in the portfolio You can assign these plans to the risks Intaver Institute Inc.

  19. Defining Mitigation Plans You can assign mitigation plans from the list of available plans This is risk waterfall diagram: risk probabilities and impacts are reducing over time Intaver Institute Inc.

  20. Risk History Information how risk is changing over time is saved in the database The table shows in what project the changes are made What user made the change New probabilities and impacts Intaver Institute Inc.

  21. Risk Reviews Risk can be regularly reviewed. Review information can be recorded Reviews can be scheduled on a regular basis Intaver Institute Inc.

  22. You may assign documents to the risk Risk Documents Documents can be in different formats Intaver Institute Inc.

  23. In this case the user will enter risk as hidden for other users and manager will change status to visible: it constitutes an approval process Risk Approval Process The user may not have permissions to enter risk directly to portfolio risk register. Manager can make hidden risk visible: the risk will be available for the portfolio Hidden Risk Intaver Institute Inc.

  24. RiskyProject generates detailed customizable risk report Risk Report Report settings are saved in the database Intaver Institute Inc.

  25. User Management System RiskyProject has advanced user management system Different users can be assigned to different projects Users will have different roles and permissions. Intaver Institute Inc.

  26. Additional Resources • White Papers and Articles: http://www.intaver.com/index-whitepapers.html • Online Tutorials: http://www.intaver.com/index-tutorial4.html • Project Decisions: http://www.projectdecisions.org • YouTube Channel: https://www.youtube.com/channel/UCh3WQGV3vQAR0kdTJPlNwvQ Contact Details Project Think: Why Good Managers Make Poor Project Choices Michael Trumper Intaver Institute Inc. mtrumper@intaver.com 403.692.2252 Project Decisions: The Art and Science Introduction to Project Risk Management and Decision Analysis Intaver Institute Inc.

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