Tracking Risk: Pertmaster Qualitative Risk Register Section

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 Pertmaster risk register is simple and easy to use.  It provides a good format for users that do not have a risk register in another tool.  Primavera Risk does not have a database back-end so it limits project managers’ ability to collaborate, track risk, create accountability, or roll risk up to portfolio levels.

Video Walkthrough of the Qualitative Risk Register in Oracle | Primavera Risk (Pertmaster) (Duration: 11 min: 11 sec)

Section Overview

The qualitative side of the risk register is all about tracking and categorizing risk.  There is no right or wrong way to setup a risk register.  In its simplest form, a risk register or risk log is just a list of risks.  We attach as much or little information as needed based on what an organizations would like to track.

Some of the interesting fields in the Pertmaster Risk Register are often ignored by risk management teams regardless of the risk register product or template they are using.  The T/O field allows a project team to identify not only negative risks (threats), but opportunities as well.  Sometimes project do not save time because the project team has not invested time into tracking opportunities.  The mitigation steps and cost of mitigation will allow the schedule risk analyst to do a cost-benefit analysis of mitigation after the Monte Carlo analysis is run.  The response type, status, and start & finish dates (risk window) are other fields that should be tracked on most projects.

Menu Bar

  • File Menu – Allows users to Import files, export the risk log to other other products such as Microsoft Excel, or save the risk register and plan.
  • Edit Menu – Options for copying data, pasting data, the risk scoring system setup, risk breakdown structure (RBS) setup, user-defined field setup, and how ID values are set for newly added risks (Next Risk ID).
  • View Menu – Contains data filters, show & hide columns, and an internal report view of the risk matrix (Show Risk Matrix).
  • Tools Menu – Menu Options to integrate risks into the schedule (Build Impacted Risk Plans), Monte Carlo analyze risks without tying them to a schedule (Build Exposure Risk Plan), purge deleted risks, the main risk register options.
  • Report Menu – Standard risk reports including the risk matrix report, risk scoring report, and an easy to use report manager.

Navigation Pane

  • Risk Details Tab – Contains basic risk info.
  • Code Fields Tab – Project managers can edit all user-defined fields.
  • Mitigation Tab – List of mitigation steps to be tracked and completed.
  • Waterfall Chart Tab – Time-phased burn-down chart highlighting how mitigation steps will decrease the risk score.
  • Notes Tab – A large text box for users to enter notes.
  • Risk History Tab – List of all changes that have been made and saved to the risk register.