NetRisk

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. Therefore, this approach is more realistic for a risk response that affects activities scheduled years apart or at different project sites.

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.

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.

Define qualitative probabilities and impacts, prioritize by risk ratings, enter mitigation strategies, and record responses and comments, all in a single view directly within NetRisk.

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.

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.

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.

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.

Drill down into cost distributions, probabilistic cash flow, and cost and schedule scatter plots using the same intuitive and customizable chart reporting tools as always.

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.

Pro-tip on Risk Management within Construction Projects: We frequently find that creating a risk register and a participating in a formal workshop for potential risk identification on a project are key to avoiding preventable delays and subsequent project cost increases.