The fifth step of a typical Oracle | Primavera Risk (Pertmaster) Monte Carlo analysis is to track, quantify, and link risk events to the project schedule for the Monte Carlo analysis. The quantitative risk register tab is where a risk analyst will turn risk events into probabilistic schedule activities for the Monte Carlo cost or schedule simulations.
Video Walkthrough of the Quantitative Risk Register in Oracle | Primavera Risk (Pertmaster) (Duration: 11 min: 37 sec)
Quantative Risk Register Section Overview
The Quantitative risk register tab is located directly under the menu bar. After clicking the Quantitative tab, the pre-mitigated and post-mitigated sub-tabs will appear below it. The third layer of tabs for the Risk View and Task View will appear below the pre-mitigated and post-mitigated tabs.
Risk View Tab
- The list of risks are located in the left pane.
- The left panel contains the risk ID, risk title, threat or opportunity (T/O), whether the risk is quantified, probability, and the task ID that is the risk affects.
- The right panel contains all activities in the project plan. The project manager can filter tasks, sort activities, and check mark the tasks a risk links to.
Task View Tab
- The left panel contains all schedule activities.
- The right panel contains all risk events added into the risk model.
- Clicking an activity will show all risks that have been linked to that task.
- This tab is important because it allows a risk analyst to link the risk events in series or parallel when two or more risks affect one activity.
Bottom Pane for Risk Impacts
- The bottom panel lists the quantified impacts a risk has on a task and the task affected. The info is similar to an activity, such as duration and cost.
- Risk event existence and impact can be correlated. This will be covered in detail in another module.
Risk Event Links to Activities
- Risk events link to an activity with a finish to start link.
- Risk events link in parallel by default.
- Risk can stack or be put in series (task view tab).
Overview of Risk Event Correlation (Risk View Tab)
- If risk ranges are correlated, then they will hit the same portion of the risk triangle just like a correlated activity. The check box will set the correlation coefficient to 100%.
- A risk can be tied to more than one activity. If the event existence is correlated, then if a risk event occurs on one activity, then it will happen to the other activities as well. For example, if a hurricane risk event is tied to the different tasks in the schedule, then it can occur in all places when the hurricane risk event fires. A general risk such as a procurement delay may not have correlated existence because one vendor can deliver on time while another vendor has a delay.