Project managers can use the application “RiskyProject Professional” to plan and schedule in terms of qualitative and quantitative risk analysis, and performance measurement to evaluate projects with multiple risks and uncertainties.
- Risk management for projects:
- risk register
- directing risks
- personalize risk matrix
- risk response and mitigation plans
- risk mitigation in the “waterfall” diagram
- Monte Carlo schedule risk analysis:
- independent work and Microsoft Project Add-In
- integration with Primavera and other project management software
- multiple statistical distributions
- substitute of the “Risk +” application
- Global quantitative analysis and reporting
- Risks and uncertainties tracking
RiskyProject for Microsoft® Project
RiskyProject application integrates seamlessly with all versions of Microsoft Project starting version 2003. When installing RiskyProject, it checks if Microsoft Project is installed on your computer. If Microsoft Project 2003/2007 is installed, then RiskyProject adds a toolbar and macro bar to Microsoft Project. If Microsoft Project 2010 is installed, then RiskyProject installs the ribbon tab and Add-In for Microsoft Project.
Here’s how the integration works:
- Create a schedule in Microsoft Project
- Define the statistical distribution of costs and duration of the tasks selected in Microsoft Project, all statistical distributions are stored in the Microsoft Project document.
- Add information about risk in the RiskyProject views if necessary: risk events, branching and conditional probability, calendars probability, and more.
- Monte Carlo type simulations
- See test results and reports in Microsoft Project
Using Microsoft Project 2010 Add-In
By using RiskyProject Add-In, you can quickly add low and high estimates of cost and programs directly into your Microsoft Project document, you can run simulations and see test results.
Setting up the Add-In option
You can set the Monte Carlo calculation, the diagram and map of the options field using the Add-In.
- The Calculation options include the maximum number of iterations and convergence monitoring and much more.
- The diagram options allow you to define the layout diagram.
- The folder field allows you to change the default fields where timeframes and costs distributions are saved.
Adding high or low timeframes and costs in Microsoft Project
- Select one or more activities
- Click on the RiskyProject 5 tab. On the Input Distributions group, click the Duration or Cost and the Statistical Distribution dialog box opens.
- Enter the low and high estimates using coefficients or fixed values (one activity).
- Select a distribution and change any parameters required by the distribution.
- Press ok.