Intaver Institute Inc. Project and Portfolio Risk Management with RiskyProject Enterprise Project and Portfolio Risk Management with RiskyProject Enterprise

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

23-04-20 Intaver Institute Inc. 2

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


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


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


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


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


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


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


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


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


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


Project cost with risksProject cost with risksProject cost without risksProject cost without risks

Actual costActual cost

Probabilistic project cash flow


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


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


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


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


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


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


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


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


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


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


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


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


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.


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