risky projectenterpriseriskmanagement

Intaver Institute Inc.

Project and Portfolio Risk

Management with

RiskyProject Enterprise

Project and Portfolio Risk

Management with

RiskyProject Enterprise

Intaver Institute Inc.303, 6707, Elbow Drive S.W, Calgary, AB, CanadaTel: +1 (403) 692-2252Fax: +1 (403) 259-4533www.intaver.com

Project and Portfolio Risk Management Process

08/02/2015 Intaver Institute Inc. 2

Project Portfolioincludes multiple project

schedules

Comprehensive risk

register includes all information

about risk, issues, lesson

learned for the organization

Open project schedule

within a portfolioAssign risks from risk

register to this schedule

Perform project risk analysis: Monte Carlo simulations of

project schedule

Rank risks for the project

Rank projects within a

portfolio based on risk

exposure

Apply mitigation and

response plans to the critical

risks

Continuously

perform risk

management for

all project

Project Portfolio


This is project portfolio. Each Bar represents a

project.

This is a list of projects

within a portfolio

Project risk scores for duration, cost, and other

parameters (quality, safety,

security, etc.)

Each project within a

portfolio has uncertainties

which calculated as a result

of Monte Carlo simulations

Percent completed for each

project

Portfolio risk register


Portfolio risk register

includes all portfolio

risks with their

properties

Risks may have different

probabilities, impacts,

and scores

Risks can be assigned to

different projects and

within a project to

different tasks

Risk register includes

risks, issues, and

lessons learned

Risks can be open and

closed.

Risks can be threats,

opportunities, or both

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

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

Default risk categories

include schedule-related

categories (schedule and

scope, cost and income)

and non-schedule

categories (safety,

environment, quality,

legal, performance, and

technology)

Open particular project


Double click on

the project

within a portfolio

and open project

schedule

This is Gantt

Chart of a

project schedule

This Project becomes current: you This Project becomes current: you

may now edit this schedule

Assign Risks to Tasks and Resources


This is corporate risk

register

This is current project

schedule

Drag this risk and drop it on

selected tasks:

“Delay due to weather” will

affect task “Drilling”

Define Risk Probability and Impact


When you drop risk on

tasks you can define risk

probability and impact

This risk cause fixed

delay on 3 days (12%

chance) and quality

problems

This risk belongs to two

categories: schedule

and quality

Assigning Uncertainties


You may also define risk

uncertainties in form of

statistical distributions

for cost, income,

duration and start time

This is statistical

distribution for the

duration of the selected

tasks

Monte Carlo Simulations


Now you can perform

Monte Carlo

simulations

This is original project

schedule (no risks)

This is project schedule

with risks: the project

takes much longer

Six risks are assigned to this

task

Project cost with risks


Project cost with risksProject cost without risks

Actual cost

Probabilistic project cash flow


Monthly cash flow with

risksMonthly cash flow

without risks

Project NPV and IRR

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

View results of risk analysis in project portfolio


When you save individual project all

results on Monte Carlo simulation will be

saved in the database

Double click on each

project bar within a

portfolio Gantt Chart to

view results of Monte

Carlo simulations

Risked Projects


This chart shows project duration or cost vs. risks

This is the riskiest project

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

Managing Mitigation Plans


All mitigation and

response plans for project

portfolio are saved in the

database and shared for

all risks in the portfolio

Each mitigation plan

has cost which is

used in risk cost

calculation

You can assign these

plans to the risks

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

Risk History


Information how risk is

changing over time is

saved in the database

What user made the change New probabilities and impactsThe table shows in what

project the changes are made

Risk Reviews


Risk can be regularly

reviewed. Review information

can be recorded

Reviews can be scheduled on

a regular basis

Risk Documents


You may assign documents to

the risk

Documents can be in different

formats

Risk Approval Process


The user may not have permissions to enter

risk directly to portfolio risk register.

Manager can make hidden risk visible: the risk will be available for the portfolio

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

Hidden Risk

Risk Report


RiskyProject generates detailed

customizable risk report

Report settings are saved in the database

User Management System


RiskyProject has advanced user

management system

Different users can be assigned

to different projects

Users will have different roles

and permissions.


Additional Resources

• 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

Project Think:

Why Good Managers Make Poor

Project Choices

Project Decisions: The Art and Science

Introduction to Project Risk

Management and Decision Analysis

risky projectenterpriseriskmanagement

Science

risk uncertainties

list of risk categories

project schedulethis

quality problemsthis

corporate risk registerthis

risk exposureapply mitigation

portfolioproject risk

portfolio risks