Industry-leading risk management software
In the real world, no project proceeds on early dates. NetRisk is the first and only Monte Carlo risk analysis tool that can model the risk of float-use during simulation.
Only 25% of construction projects finish on time
Despite 84% conducting financial and risk analysis.
What are we missing?
Any reduction in float increases the risk of the project overrunning!
– Mosaic Project Services
The use of float is not considered […] in risk-analysis oriented scheduling techniques.
– International Journal of Project Management
Delay risk of the non-critical activities are commonly ignored.
– KSCE Journal of Civil Engineering
Innovations in risk analysis
Breakthrough process
Un-correlated Risk Impacts
In NetRisk, a risk’s probability of occurrence can be un-correlated amongst the activities to which it has been assigned – and in fact, it can even be different. This approach is more realistic for a risk response that affects activities scheduled years apart or at different project sites.
Automated Risk Sensitivity
Thanks to automated risk sensitivity analysis, NetRisk re-runs the entire simulation, each time removing the risk with the biggest impact. The result is a tornado chart showing the exact impact in days that each risk has on the project completion.
Non-critical Activity Floating
By scheduling activities on early starts in every iteration, CPM risk analysis does not account for the impact of float use on project completion and therefore overestimates the probability of completion. With NetRisk, activities off the critical path can be started later to model resource leveling, progress pacing, or other strategic reasons, resulting in a more realistic model.
Tailor-made for risk professionals
Qualitative Risk Register
Define qualitative probabilities and impacts, prioritize by risk ratings, enter mitigation strategies, and record responses and comments, all in a single view within NetRisk.
Non-work Modeling
Overlay calendars on top of activities for modeling probabilistic weather, hurricanes, shutdowns, or other non-working windows, and view their impacts together with risk sensitivity results.
Best in Class User Experience
Tabular interfaces for rapid data entry combined with the elimination of obstructive dialog boxes result in an interface that is both easier to learn and quicker to operate than alternative products, without sacrificing capability.
Integrated cost and schedule
Import Cost Uncertainty from Excel
Already have a cost estimate in Excel? Thanks to NetRisk’s spreadsheet-style interface, data can be copied and pasted directly from Excel. Costs can be mapped directly to activities or level-of-effort type activities, resulting in a truly integrated cost and schedule risk model.
Risk-Cost Impacts
Define cost impacts on threats and opportunities in the risk register and choose whether activities are impacted by schedule, cost, or both. Choose both time-dependent and time-independent costs for modeling labor, materials, or equipment.
Cost Reporting
Drill down into cost distributions, probabilistic cash flow, and cost and schedule scatter plots using intuitive and customizable chart reporting tools.
The value of proper project risk management
Integrated risk management
Project risk management is a key factor in making sure projects succeed in finishing on time and at cost. Project risks are uncertain events that, if occurring, have an impact on one or more project objectives such as scope, schedule, cost, and quality. Project risk collectively causes fluctuation in capital expenditure and forecasting, cost overrun, and schedule delay. An integrated risk management process can improve project delivery and team communications and better balance strategic needs with project budgeting and capital planning. This essential process includes developing qualitative risk analysis in conjunction with project managers and stakeholders; integrating those assessments into robust, quantitative cost and schedule risk analyses; and monitoring and mitigating any risks accordingly.
Frequently Asked Questions
Before a project has begun, a risk assessment should be undertaken so as to identify how realistic the schedule is and make any adjustments to time and budget if necessary. Once the project is underway, additional assessments should be done which factor in actual progress and updates to the schedule.
NetRisk provides project managers with quantifiable data and interactive results, allowing them to communicate the issues more effectively. Stakeholders can see the major problems and the impact they have on the overall schedule.
NetRisk facilitates contingency planning by allowing multiple scenarios to be run and compared. Project managers can see the probability of meeting targeted completion dates, as well as the time contingency necessary in the event a risk occurs. This helps project managers develop a plan for what to do if a risk cannot be mitigated at the outset.
A positive risk, or opportunity, can reduce the amount of time it takes to complete a certain activity. A negative risk, or threat, will increase an activity’s duration. Both opportunities and threats can be documented in the NetRisk risk register.
NetRisk is the only tool which allows float use to be modeled during simulation, risk drivers with variable likelihoods, and multiple mitigation scenarios directly in the risk register. A dialog-box-free interface makes it easy to learn and navigate, while tables make data entry quick and familiar. Automatic software updates, hands-on customer-support, and an affordable price make NetRisk stand out from other tools.
NetRisk provides a risk register for capturing both qualitative and quantitative input. Risks can be identified, captured, scored, tracked, and reported.
Once risks have been identified and discussed, strategies can be taken to avoid or reduce their potential impact on the project. When risks do occur, a plan can be established to avoid unnecessary surprises or delays. Stakeholder expectations can be managed through improved communication and more realistic timelines.