Project and Portfolio Risk Management with Risky Project

  • Slides: 26
Download presentation
Project and Portfolio Risk Management with Risky. Project Enterprise Intaver Institute Inc. 303, 6707,

Project and Portfolio Risk Management with Risky. Project Enterprise Intaver Institute Inc. 303, 6707, Elbow Drive S. W, Calgary, AB, Canada Tel: +1 (403) 692 -2252 Fax: +1 (403) 259 -4533 www. intaver. com Intaver Institute Inc.

Project and Portfolio Risk Management Process Comprehensive risk register Project Portfolio includes multiple project

Project and Portfolio Risk Management Process Comprehensive risk register Project Portfolio includes multiple project schedules includes all information about risk, issues, lesson learned for the organization Open project schedule within a portfolio Assign risks from risk register to this schedule Perform project risk analysis: Monte Carlo simulations of project schedule Continuously perform risk management for all project Rank risks for the project Rank projects within a portfolio based on risk exposure Apply mitigation and response plans to the critical risks 2020 -11 -09 Intaver Institute Inc. 2

Project Portfolio Project risk scores for duration, cost, and other parameters (quality, safety, security,

Project Portfolio Project risk scores for duration, cost, and other parameters (quality, safety, security, etc. ) This is project portfolio. Each Bar represents a project. Each project within a portfolio has uncertainties which calculated as a result of Monte Carlo simulations This is a list of projects within a portfolio Percent completed for each project 2020 -11 -09 Intaver Institute Inc. 3

Portfolio risk register includes all portfolio risks with their properties Risks may have different

Portfolio risk register includes all portfolio risks with their properties Risks may have different probabilities, impacts, and scores Risks can be threats, opportunities, or both Risks can be open and closed. 2020 -11 -09 Risks can be assigned to different projects and within a project to different tasks Intaver Institute Inc. Risk register includes risks, issues, and lessons learned 4

Risk Properties Double click on risk within a risk register and assign different risk

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 2020 -11 -09 Intaver Institute Inc. 5

Risk Categories Risk can belong to different categories. The list of risk categories is

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 2020 -11 -09 Intaver Institute Inc. Default risk categories include schedule-related categories (schedule and scope, cost and income) and non-schedule categories (safety, environment, quality, legal, performance, and technology) 6

Open particular project This Project becomes current: you may now edit this schedule Double

Open particular project This Project becomes current: you may now edit this schedule Double click on the project within a portfolio and open project schedule This is Gantt Chart of a project schedule 2020 -11 -09 Intaver Institute Inc. 7

Assign Risks to Tasks and Resources Drag this risk and drop it on selected

Assign Risks to Tasks and Resources Drag this risk and drop it on selected tasks: “Delay due to weather” will affect task “Drilling” This is corporate risk register 2020 -11 -09 This is current project schedule Intaver Institute Inc. 8

Define Risk Probability and Impact This risk belongs to two categories: schedule and quality

Define Risk Probability and Impact This risk belongs to two categories: schedule and quality When you drop risk on tasks you can define risk probability and impact 2020 -11 -09 This risk cause fixed delay on 3 days (12% chance) and quality problems Intaver Institute Inc. 9

Assigning Uncertainties You may also define risk uncertainties in form of statistical distributions for

Assigning Uncertainties You may also define risk uncertainties in form of statistical distributions for cost, income, duration and start time 2020 -11 -09 Intaver Institute Inc. This is statistical distribution for the duration of the selected tasks 10

Monte Carlo Simulations Now you can perform Monte Carlo simulations Six risks are assigned

Monte Carlo Simulations Now you can perform Monte Carlo simulations Six risks are assigned to this task This is original project schedule (no risks) 2020 -11 -09 Intaver Institute Inc. This is project schedule with risks: the project takes much longer 11

Project cost with risks Project cost without risks Project cost with risks Actual cost

Project cost with risks Project cost without risks Project cost with risks Actual cost 2020 -11 -09 Intaver Institute Inc. 12

Probabilistic project cash flow Project NPV and IRR Monthly cash flow without risks 2020

Probabilistic project cash flow Project NPV and IRR Monthly cash flow without risks 2020 -11 -09 Intaver Institute Inc. Monthly cash flow with risks 13

Risk register for individual project This is a risk register for individual project. The

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 2020 -11 -09 Intaver Institute Inc. 14

View results of risk analysis in project portfolio Double click on each project bar

View results of risk analysis in project portfolio Double click on each project bar within a portfolio Gantt Chart to view results of Monte Carlo simulations When you save individual project all results on Monte Carlo simulation will be saved in the database 2020 -11 -09 Intaver Institute Inc. 15

Risked Projects This chart shows project duration or cost vs. risks This is the

Risked Projects This chart shows project duration or cost vs. risks This is the riskiest project 2020 -11 -09 Intaver Institute Inc. 16

Portfolio risk matrix Risks with a red area of the matrix need to be

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 2020 -11 -09 Intaver Institute Inc. 17

Managing Mitigation Plans All mitigation and response plans for project portfolio are saved in

Managing Mitigation Plans All mitigation and response plans for project portfolio are saved in the database and shared for all risks in the portfolio 2020 -11 -09 You can assign these plans to the risks Intaver Institute Inc. Each mitigation plan has cost which is used in risk cost calculation 18

Defining Mitigation Plans You can assign mitigation plans from the list of available plans

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 2020 -11 -09 Intaver Institute Inc. 19

Risk History Information how risk is changing over time is saved in the database

Risk History Information how risk is changing over time is saved in the database The table shows in what project the changes are made 2020 -11 -09 What user made the change Intaver Institute Inc. New probabilities and impacts 20

Risk Reviews Risk can be regularly reviewed. Review information can be recorded Reviews can

Risk Reviews Risk can be regularly reviewed. Review information can be recorded Reviews can be scheduled on a regular basis 2020 -11 -09 Intaver Institute Inc. 21

Risk Documents You may assign documents to the risk Documents can be in different

Risk Documents You may assign documents to the risk Documents can be in different formats 2020 -11 -09 Intaver Institute Inc. 22

Risk Approval Process The user may not have permissions to enter risk directly to

Risk Approval Process The user may not have permissions to enter risk directly to portfolio risk register. Hidden Risk 2020 -11 -09 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 Manager can make hidden risk visible: the risk will be available for the portfolio Intaver Institute Inc. 23

Risk Report Risky. Project generates detailed customizable risk report Report settings are saved in

Risk Report Risky. Project generates detailed customizable risk report Report settings are saved in the database 2020 -11 -09 Intaver Institute Inc. 24

User Management System Risky. Project has advanced user management system Different users can be

User Management System Risky. Project has advanced user management system Different users can be assigned to different projects Users will have different roles and permissions. 2020 -11 -09 Intaver Institute Inc. 25

Additional Resources • • White Papers and Articles: http: //www. intaver. com/index-whitepapers. html Online

Additional Resources • • White Papers and Articles: http: //www. intaver. com/index-whitepapers. html Online Tutorials: http: //www. intaver. com/index-tutorial 4. html Project Decisions: http: //www. projectdecisions. org You. Tube Channel: https: //www. youtube. com/channel/UCh 3 WQGV 3 v. QAR 0 kd. TJPl. Nwv. Q Contact Details Michael Trumper Intaver Institute Inc. mtrumper@intaver. com 403. 692. 2252 2020 -11 -09 Project Think: Why Good Managers Make Poor Project Choices Project Decisions: The Art and Science Introduction to Project Risk Management and Decision Analysis Intaver Institute Inc. 26