Projects, regardless of their size, scope and industry field, can be very beneficial to their stakeholders and owners. However, just like any other undertaking in life, projects also face a lot of risks, from monetary to logistical, material an even health-related risks and challenges. It is a well-known fact that a lot of projects falter (or fail to meet some or all of their objectives) because some risks were either underestimated, not quantified or unaccounted for. So, to prevent the various risks from delaying, or worse destroying your project, here’s a look at how to effective use the Primavera Risk Analysis software.
Ignoring Risks Doesn’t Make it Go Away. Instead, Acknowledge & Address It
Whether it’s in managing projects of various scopes and sizes, or in addressing personal issues in life, ignoring risks or challenges does not make it go away. Instead of ignoring it, and thinking it would just go away, it would be better to acknowledge it and address it early.
Now, how do you acknowledge and address project-related risks? Well, one of my seasoned project management friends suggests using the Primavera Risk Analysis. The software is hailed by many to be a major game-changer in the field of addressing project-related risks.
For starters, it helps increase confidence in bids and project selection, and helps to create a more realistic schedule (as well as easily identify schedule assumptions). The software also helps identify common scheduling pitfalls which may result in misleading schedule or risk analysis results.
Primavera Risk Analysis also helps improve awareness of project risk and uncertainty, and helps to integrate pre-developed risk registers (as well as define new risk registers). Many of those who’ve used the software also report getting more confident with regards to finish dates, costs, float, internal rate of return and net present value.
Analyse, Mitigate and Effectively Manage Risks
The Primavera Risk Analysis is famous for being a full lifecycle risk analytics solution, which integrates cost and schedule risk management. The software provides users with a truly comprehensive means of determining confidence levels for ensuring project success, with quick and quite easy techniques and methodologies for determining contingency and risk response plans.
The software also directly integrates with project schedules, as well as cost estimates to model risks and uncertainty, and providing a full lifecycle cost and schedule risk analytics solution for users of Primavera project portfolio management applications (and even for users of Microsoft Project.
Providing an Objective View for Enhanced Assessment
Another amazing thing about using the Primavera Risk Analysis is that as a decision support tool, the software provides an objective view of the required contingencies, along with an analysis of the effectiveness of proposed risk response plans.
Risk Analysis Guide
Another key feature of the Primavera Risk Analysis is that it has a risk analysis guide which takes users through the steps of preparing, modelling and running a risk analysis. These crucial steps include schedule validation, development of the risk mode, risk analysis and results overview.
Schedule Check
Schedule Check is another crucial feature of the Primavera Risk Analysis is that it lets users effectively evaluate maturity and risk readiness by seeking common scheduling problems which can severely affect schedules.
Templated Quick Risk
With Primavera Risk Analysis, you can use a template approach to assign uncertainty risk distributions to tasks based on the work breakdown structure.
Risk Register Wizard
With the Risk Register Wizard, users can quickly create new risk registers, enter qualitative risk assessments, define risk scoring criteria and map risks to your scheduled activities.
Enhance Project Success by Enabling Better Project Management
Perhaps the best thing about using the Primavera Risk Analysis software is that it can considerably increase project success by enabling better, more improved project management.
Providing easy and stress-free integration with a wide array of scheduling tools and risk register solutions, the software helps project-driven companies and organizations make sure that mission-critical projects are done on time and within budget.
The software offers easy technique and methodologies for determining contingency and risk response plans, as well as schedule analytics. The tool also offers a truly comprehensive means of determining contingency and risk response plans and courses of action.
Users will definitely have a truly objective and sensible view of the required contingency to account for cost and schedule uncertainty, as well as analyzing the cost effectiveness of the completed (or planned) risk response plans. When combined, all these form the basis of what’s called a “risk adjusted schedule”, which today is fast becoming the norm within the project planning scheduling realm.
Every project has its set of risks and challenges. And the companies or organizations that succeed are the ones who plan for those risks – Anticipating, mitigating and providing the needed response and contingency plans for any negative or disruptive event which may or may not occur.
Now, the best thing about using Oracle’s Primavera Risk Analysis software is that it provides all the tools you need for doing just this, which is to enable companies and project management teams to model risks and analyse the cost and schedule impacts of mitigating them. In the process, this takes much of the uncertainty and tension out of project and portfolio management.
The Primavera Risk Analysis software also provides amazing reporting capabilities which includes not only the standard risk summary reports but also the drill down histograms, distribution graphs, tornado graphs and scatter plots. You can quickly toggle between schedule and cost views, as well as filter by task or resource.
These, and all the other things that I just mentioned earlier, make the Primavera Risk Analysis software a truly wonderful too for risk analysis, especially if you are using the Primavera P6.
The software basically allows users to determine the confidence and risk factors in your schedule, and effectively manage all your contingency and risk response plans, to ensure a smooth-sailing, stress-free and truly budget-friendly project!
