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Transcript of Intaver Institute Inc. Project and Portfolio Risk Management with RiskyProject Enterprise Project...
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
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Project Portfolioincludes multiple project
schedules
Project Portfolioincludes multiple project
schedules
Comprehensive risk register
includes all information about risk, issues, lesson
learned for the organization
Comprehensive risk register
includes all information about risk, issues, lesson
learned for the organization
Open project schedule within a portfolio
Open project schedule within a portfolio
Assign risks from risk register to this schedule
Assign risks from risk register to this schedule
Perform project risk analysis: Monte Carlo simulations of
project schedule
Perform project risk analysis: Monte Carlo simulations of
project schedule
Rank risks for the projectRank risks for the project
Rank projects within a portfolio based on risk
exposure
Rank projects within a portfolio based on risk
exposure
Apply mitigation and response plans to the critical
risks
Apply mitigation and response plans to the critical
risks
Continuously perform risk management for all project
Project Portfolio
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This is project portfolio. Each Bar represents a
project.
This is project portfolio. Each Bar represents a
project.
This is a list of projects within a portfolio
This is a list of projects within a portfolio
Project risk scores for duration, cost, and other
parameters (quality, safety, security, etc.)
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
Each project within a portfolio has uncertainties which calculated as a result of Monte Carlo simulations
Percent completed for each project
Percent completed for each project
Portfolio risk register
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Portfolio risk register includes all portfolio
risks with their properties
Portfolio risk register includes all portfolio
risks with their properties
Risks may have different probabilities,
impacts, and scores
Risks may have different probabilities,
impacts, and scores
Risks can be assigned to different projects and
within a project to different tasks
Risks can be assigned to different projects and
within a project to different tasks
Risk register includes risks, issues, and lessons learned
Risk register includes risks, issues, and lessons learned
Risks can be open and closed.
Risks can be open and closed.
Risks can be threats, opportunities, or bothRisks can be threats,
opportunities, or both
Risk Properties
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Double click on risk within a risk register and assign different
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
Cost of risk includes potential and expect
losses before and after mitigation
Risk response planningRisk response planning
Information for risk reviews
Information for risk reviews
Risk Categories
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Risk can belong to different categories. The list of risk categories is
fully customizable
Risk can belong to different categories. The list of risk categories is
fully customizable
You can define relative important for each risk
category
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)
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
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Double click on the project
within a portfolio and open project
schedule
Double click on the project
within a portfolio and open project
schedule
This is Gantt Chart of a
project schedule
This is Gantt Chart of a
project schedule
This Project becomes current: you may now edit this schedule
This Project becomes current: you may now edit this schedule
Assign Risks to Tasks and Resources
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This is corporate risk register
This is corporate risk register
This is current project schedule
This is current project schedule
Drag this risk and drop it on selected tasks:
“Delay due to weather” will affect task “Drilling”
Drag this risk and drop it on selected tasks:
“Delay due to weather” will affect task “Drilling”
Define Risk Probability and Impact
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When you drop risk on tasks you can 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 cause fixed delay on 3 days (12% chance) and quality
problems
This risk belongs to two categories: schedule
and quality
This risk belongs to two categories: schedule
and quality
Assigning Uncertainties
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You may also define risk uncertainties in form of statistical distributions
for cost, income, duration and start time
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
This is statistical distribution for the
duration of the selected tasks
Monte Carlo Simulations
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Now you can perform Monte Carlo simulations
Now you can perform Monte Carlo simulations
This is original project schedule (no risks)
This is original project schedule (no risks)
This is project schedule with risks: the project
takes much longer
This is project schedule with risks: the project
takes much longer
Six risks are assigned to this task
Six risks are assigned to this task
Project cost with risks
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Project cost with risksProject cost with risksProject cost without risksProject cost without risks
Actual costActual cost
Probabilistic project cash flow
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Monthly cash flow with risks
Monthly cash flow with risksMonthly cash flow
without risksMonthly cash flow
without risks
Project NPV and IRRProject NPV and IRR
Risk register for individual project
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This is a risk register for individual project. The list of risks is the same as for portfolio but probabilities and impacts are differentThis 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
These risks are not assigned to this project
View results of risk analysis in project portfolio
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When you save individual project all results on Monte Carlo simulation will be
saved in the database
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
Double click on each project bar within a
portfolio Gantt Chart to view results of Monte
Carlo simulations
Risked Projects
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This chart shows project duration or cost vs. risksThis chart shows project duration or cost vs. risks
This is the riskiest project This is the riskiest project
Portfolio risk matrix
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Risks with a red area of the matrix need to be
mitigated
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
Arrows represent mitigation: probability and impact of risks will
be reduced due to mitigation efforts
Managing Mitigation Plans
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All mitigation and response plans for project portfolio are saved in the database and shared for all risks in the portfolio
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
Each mitigation plan has cost which is used in risk cost
calculation
You can assign these plans to the risks
You can assign these plans to the risks
Defining Mitigation Plans
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You can assign mitigation plans from the list of
available 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
This is risk waterfall diagram: risk probabilities and impacts are reducing
over time
Risk History
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Information how risk is changing over time is saved in the database
Information how risk is changing over time is saved in the database
What user made the changeWhat user made the change New probabilities and impactsNew probabilities and impactsThe table shows in what project the changes are made
The table shows in what project the changes are made
Risk Reviews
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Risk can be regularly reviewed. Review information
can be recorded
Risk can be regularly reviewed. Review information
can be recorded
Reviews can be scheduled on a regular basis
Reviews can be scheduled on a regular basis
Risk Documents
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You may assign documents to the risk
You may assign documents to the risk
Documents can be in different formats
Documents can be in different formats
Risk Approval Process
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The user may not have permissions to enter risk directly to portfolio risk register.
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 portfolioManager 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
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 RiskHidden Risk
Risk Report
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RiskyProject generates detailed customizable risk report
RiskyProject generates detailed customizable risk report
Report settings are saved in the databaseReport settings are saved in the database
User Management System
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RiskyProject has advanced user management system
RiskyProject has advanced user management system
Different users can be assigned to different projects
Different users can be assigned to different projects
Users will have different roles and permissions.
Users will have different roles and permissions.
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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 TrumperIntaver Institute [email protected]
Project Think:Why Good Managers Make Poor Project Choices
Project Decisions: The Art and ScienceIntroduction to Project Risk Management and Decision Analysis