Transcript 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)

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.
Project and Portfolio Risk Management Process
Comprehensive risk
register
Project Portfolio
includes multiple project
schedules
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
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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
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Portfolio risk register
Portfolio risk register
includes all portfolio
risks with their
properties
Risks may have different
probabilities, impacts,
and scores
Risks can be threats,
opportunities, or both
Risks can be open and
closed.
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Risks can be assigned to
different projects and
within a project to
different tasks
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Risk register includes
risks, issues, and
lessons learned
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Risk Properties
Double click on risk
within a risk register
and assign different
risk properties
Cost of risk includes
potential and expect
losses before and after
mitigation
Risk response planning
Information for risk
reviews
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Risk Categories
Risk can belong to
different categories. The
list of risk categories is
fully customizable
You can define relative
important for each risk
category
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Default risk categories
include schedule-related
categories (schedule and
scope, cost and income)
and non-schedule
categories (safety,
environment, quality,
legal, performance, and
technology)
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Open particular project
This Project becomes current: you
may now edit this schedule
Double click on
the project
within a portfolio
and open project
schedule
This is Gantt
Chart of a
project schedule
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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 corporate risk
register
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This is current project
schedule
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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
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This risk cause fixed
delay on 3 days (12%
chance) and quality
problems
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Assigning Uncertainties
You may also define risk
uncertainties in form of
statistical distributions
for cost, income,
duration and start time
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This is statistical
distribution for the
duration of the selected
tasks
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Monte Carlo Simulations
Now you can perform
Monte Carlo
simulations
Six risks are assigned to this
task
This is original project
schedule (no risks)
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This is project schedule
with risks: the project
takes much longer
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Project cost with risks
Project cost without risks
Project cost with risks
Actual cost
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Probabilistic project cash flow
Project NPV and IRR
Monthly cash flow
without risks
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Monthly cash flow with
risks
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Risk register for individual project
This is a risk register for individual project. The list of risks is the
same as for portfolio but probabilities and impacts are different
These risks are not
assigned to this project
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View results of risk analysis in project portfolio
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
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Risked Projects
This chart shows project duration or cost vs. risks
This is the riskiest project
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Portfolio risk matrix
Risks with a red area of
the matrix need to be
mitigated
Arrows represent
mitigation: probability
and impact of risks will
be reduced due to
mitigation efforts
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Managing Mitigation Plans
All mitigation and
response plans for project
portfolio are saved in the
database and shared for
all risks in the portfolio
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You can assign these
plans to the risks
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Each mitigation plan
has cost which is
used in risk cost
calculation
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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
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Risk History
Information how risk is
changing over time is
saved in the database
The table shows in what
project the changes are made
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What user made the change
Intaver Institute Inc.
New probabilities and impacts
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Risk Reviews
Risk can be regularly
reviewed. Review information
can be recorded
Reviews can be scheduled on
a regular basis
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Risk Documents
You may assign documents to
the risk
Documents can be in different
formats
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Risk Approval Process
The user may not have permissions to enter
risk directly to portfolio risk register.
Hidden Risk
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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
Manager can make hidden risk visible: the risk will be available for the portfolio
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Risk Report
RiskyProject generates detailed
customizable risk report
Report settings are saved in the database
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User Management System
RiskyProject has advanced user
management system
Different users can be assigned
to different projects
Users will have different roles
and permissions.
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Additional Resources
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•
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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
Michael Trumper
Intaver Institute Inc.
[email protected]
403.692.2252
07/11/2015
Project Think:
Why Good Managers Make Poor
Project Choices
Project Decisions: The Art and Science
Introduction to Project Risk
Management and Decision Analysis
Intaver Institute Inc.
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