Project Delivery | Scheduling | Cost Controls | Disputes & Claims | Risk Management

If you are a project manager and fail to adequately consider the impact of risk and uncertainty on your project, you could be loosing large sums of money!

With each project, there are many uncertain values that must be considered when you are in the planning stage. Risk Management is an essential element that you must control in order to bring your project in on time and within budget. Values such as costs; resources; dates and durations can all affect the outcomes of timelines and final budget expenditures. So, it makes sense to analyze the risk; identify any potential threats to the project; and then assign adequate resources to manage the risks.

With pmsi on your team, you can proactively become aware of possible risks … and receive recommendations to control those risks.

There are several important tools that are frequently used to quantify the risks. One such program is “Monte Carlo” simulation which provides information about the project and the likelihood that it will be completed on budget and in a certain time frame. The power of Monte Carlo simulation is the picture of the possible outcome it will create.

With management reports, charts and graphs — management can easily see the possibilities and can then allocate manpower or other resources toward minimizing the impact of the risk on the project.

pmsi has developed a Risk Management database (see Myriad) that facilitates complete risk analysis by outlining the following steps:

• Identifying risk and opportunities
• Assessing threats (probability of risk)
• Determining effect from risk
• Determining urgency
• Determining schedule and cost impacts
• Preparing mitigation/opportunity plans
• Conducting reviews and approvals.

Myriad comes with “RiskAMP” which is a full-featured Monte Carlo Simulation Engine for Microsoft Excel®. You can add Risk Analysis to your spreadsheet models quickly and easily to evaluate probabilistic outcomes for:

• Estimated Cost
• Budgets and projected cost (forecasting)
• Determining Contingencies and Management Reserves

pmsi does retail “@Risk for Project” from Palisade Corporation. @Risk for Project is a powerful cost and schedule risk analysis tool that works in conjunction with the Myriad application or as a stand alone application. It allows you to run Monte Carlo simulation on project schedules; estimates and resources that are automatically loaded from Myriad, so you can assess the probable outcomes of completing projects on time and within budget. 

Projects always seem to be in a constant state of change.

And, those changes each impact the project differently.

With pmsi on your team, you will be able to determine the critical path needed for project completion and be able to identify the most critical tasks that need to be finished.

Every year, many projects get cancelled, run late, or run over budget because risk management has not been adequately addressed.

It makes sense to use pmsi to help you assess risks and to provide recommendations that can help you meet your deadlines and projections.