Risky Project
Integrated Project and Portfolio Risk Analysis and Risk Management
Proventures deploys Enterprise Risk Management Solutions to our customers using RiskyProject Enterprise. Risky Project Enterprise is an integrated project portfolio risk analysis and management software. RiskyProject Enterprise is a client server application based on RiskyProject desktop software and designed to support companies who want to be able to assess and manage project portfolio risks at any level of their organizations.
RiskyProject Enterprise leverages the power of the RiskyProject desktop software to extend advanced risk analysis and management to programs and portfolios. It provides a collaborative environment that provides decisions makers with the key insights into how their project risks impact their projects, programs, and portfolios and allows managing these risks appropriately. In RiskyProject Enterprise, you can import or create projects and organize them into a portfolio hierarchy. Each level of the hierarchy (projects, programs, or portfolios) has its own risk register. Risks can be assigned and managed at any level of the portfolio using the built in Risk Approval process. Risk mitigation and response plans can be shared across risks and projects. Risks are presented in a probability vs impact matrix that visualized both pre and post mitigation risk scores. Managing the risk life cycle can be tracked at the organization level. Risk can be ranked in order of priority for projects, program, and portfolios. Alternatively, organizations can rank their projects based on their level of risk.
RiskyProject Enterprise supports the analysis and reporting of the quantitative Monte Carlos simulation risk analysis and including integrated schedule and cost risk analysis. The results of the cost and schedule risk analysis for projects and programs are shown in an easy-to-understand Portfolio Gantt, Project Portfolio and Risked Projects views. These views provide project risk scores for cost, schedule, and other risks and allow managers to quickly see the level of project risk and prioritize them.
Project Portfolio Management
Project Portfolio Hierarchy with Risks and Uncertainties
RiskyProject Enterprise allows you to create and maintain a hierarchy of projects and programs (summary projects). Your project hierarchy is shown on the Portfolio Gantt chart. You can create projects in RiskyProject Enterprise or import them from RiskyProject Professional and Lite, Microsoft Project, Oracle Primavera or other project management software.
Project Priorities and Risk Scores
RiskyProject Enterprise calculates risk scores for each project. The risk score represents the overall risk exposure of a particular project based on the multiple uncertainties and risks assigned to the project.
- Risk Score > 1 indicates threats.
- Risk Score < 1 indicates opportunities.
View results of quantitative analysis for each project
The Portfolio Gantt shows projects with risks and uncertainties. You can view optimistic and pessimistic portfolio schedules and compare projects with and without risks. You can also see uncertainties associated with each project. The Risked Project view show project duration and cost vs. project risk.
In a well-balanced portfolio, different projects will have similar levels of risk. However, if the relative risk associated with a project is higher than similar projects, the project should be flagged for additional analysis. Alternatively, if project has less relative risk, it may represent an opportunity where additional cost or schedule risk could be transferred to it to mitigate higher risk projects in your portfolio.
In a well-balanced portfolio, different projects will have similar levels of risk. However, if the relative risk associated with a project is higher than similar projects, the project should be flagged for additional analysis. Alternatively, if project has less relative risk, it may represent an opportunity where additional cost or schedule risk could be transferred to it to mitigate higher risk projects in your portfolio.
Portfolio Risk Register
A risk register is a set of all risks, issues, and lessons learned in the project portfolio. Multiple users can view and modify risks in the risk register as long as they have permissions to do so. A risk register for a project may look different than risk register for a portfolio. Risks may have different impact on projects and portfolio. Also some risks may not be assigned to the particular project.
If the same risk is assigned to different projects and programs, RiskyProject performs a calculation to determine the cumulative probability and impact of the risk at each level of the portfolio hierarchy.
Project risks may not be visible on portfolio or program level and vice versa, a portfolio risk may not be visible on the project level. The manager can APPROVE the risk: make project risks visible at program and portfolio levels. Administrator can setup different approval rules regarding the risk approval process.
Project and Portfolio Risk Probability vs. Impact Matrix
The risk matrix shows project and portfolio risks’ impact and probabilities and allows you to identify critical risks. In addition, the Risk matrix shows both threats and opportunities. The Risk Matrix is fully customizable: you can define the size of the matrix and risk tolerance.
User Management
In RiskyProject Enterprise, user management is based on users, roles, and permissions. Each individual who accesses the system, must be assigned a user logon credential which are defined in the User Administration panel. Users can be assigned one of three roles: Administrator, Manager, or User.
In RiskyProject Enterprise users and managers will need to have a permission to access certain projects or programs or to perform certain actions, such as create or modify risks, mitigation and response plans, create new projects, change certain portfolio settings, and other actions.
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