Project Risk Analysis:

Most large corporations or large projects require project risk analysis to verify feasibility of the project. Whether the project is time or resource sensitive, risk analysis helps identify problem areas and help formulate a mitigation plan. Here is why you need a risk analysis:

7.1.    To verify project logic and design. Identify common scheduling pitfalls that may result in misleading schedule or risk analysis results.

7.2.    To verify whether the plan is practical based on identified risk events.

7.3.    To pinpoint likelihood of finishing project on-time and on-budget.

7.4.    To identify key risk drivers based on criticality, risk sensitivity and/or duration sensitivity

7.5.    To reformulate project logic / sequencing based on risk analysis results

7.6.    To identify minimum, most likely, and maximum task durations based on three point estimate.

7.7.    Model both qualitatively and quantitatively positive and negative risk events (threats and opportunities)

7.8.    To design a mitigation plan for possible risk events

7.9.    To report on project likelihood of completing on-time and on-budget based on both pre-mitigated and post-mitigated schedule

8.0.    To develop a list of risk events and mitigation strategies to monitor throughout execution of the project.

8.1.   To help interested parties correct expectations regarding project deliverables

8.2.    Determine confidence levels regarding project cost and schedule success.

8.3.    Determine confidence levels, P-schedules and quick determination of contingency.

8.4.    Identify key risk drivers. Find out what task or risk event is causing your schedule to not perform as expected.

8.5.    Determine the combined probability of achieving both given budgets and completion dates together.

8.6.    ‘what if…' analysis by interactively varying cost and schedule thresholds to reveal the resultant chance of success.

8.7.    Compare scenarios and determine the cost/benefit ratio of selected mitigation plans.

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