Risk Analysis for Microsoft Project & Primavera users

Presentation for the Risk SIG Deloitte & Touche 11 July 2002 Tim Stevens - Professional Services Director

Pertmaster Project Risk

Software provides Risk analysis for MS Project and Primavera users Standalone project risk modelling What-if risk analysis Reports Chance of completing projects in time and budget More realistic completion dates and budgets Key activities likely to cause project overrun

Enter Risk in MS Project or Primavera

Duration uncertainty

Cost uncertainty

Probabilistic events
Screen shots from MS Project

Run risk analysis in Pertmaster Project Risk

Screen shots from Pertmaster Project Risk

Risk analysis results

85% completion date identified

6% chance of completing project on time

Screen shot from Pertmaster Project Risk

Update results to MS Project or Primavera

Criticality Index Identify key activities likely to cause project delay

Display the 90% likely completion date in a column or graphically on barchart

Screen shots from MS Project

Benefits of managing risk

Hard Benefits
Better informed credible plan Increased chance of success More suitable contracts Better assignment of contingency Protects against unsound projects Generates metrics for future projects Objective comparison of alternatives Identifies best risk owner

Soft Benefits
Improves communication Common understanding/team spirit Develops risk awareness Focuses attention Facilitates risk taking Demonstrates professionalism Exposes personnel issues

Ref: Int J Proj & Bus Risk Mgt Vol 1 1997

Conclusions on risk
Risk management should be a core process within any business Fundamental to decision making! Risk management is considered as a core competency by both APM and PMI component of APM foundation course Risk management is one of the 9 key processes identified by the PMI The Turnbull Report in the UK (1998) made it a mandatory requirement for all LSE UK companies to manage risk

Business credentials
Corporate
Pertmaster Ltd
HQ in London, UK Pertmaster est. 1981 20 year software history in project management 5000+ Licenses sold globally Over 30 global sales and consulting partners, in US, Canada, NL, DE, AUS V7 software launch Oct 01 & V8 planned for Feb 03

Vision
Pertmaster will continually strive to deliver world-class software products to a global community of users for Project Risk Analysis and Management. By engaging in dialogue with our user communities. Enabling users to better manage projects and quickly and easily quantify risk. Businesses to benefit from projects on time and at the predicted cost!

Software
Pertmaster Project Risk
Risk analysis software, MonteCarlo Standalone it has the functionality to provide risk analysis for ad-hoc projects. An extremely powerful add-on tool for MS Project & Primavera users to assess risk as a part of proactive project management.