The seventh step of a typical Oracle | Primavera Risk (Pertmaster) Monte Carlo analysis is to use standard risk reports for proactive planning and project management. This section will focus on generating and successfully presenting the tornado chart for project drivers.
The risk analyst will open the tornado chart in one of three ways:
Right-clicking on the graph gives the project analyst formatting options, copy options, and the advanced settings interface.
Right-clicking on the statistics will show options for formatting and copying the stats.
The Bookmark Visible Tasks button (Bottom-Right corner) will set bookmarks in the Gantt chart view. This will often help for quick mitigation scenario modeling.
Task uncertainty and risk events are coded in different colors. Risk events will be in red on all tornado charts.
The filter options include:
Which chart should I use? – The answer depends on what is trying to be shown, but duration sensitivity is often the best metric because it is simply showing the correlation between a driver and a reporting activity. I do not need to take the overall network critical path into account if I know that the milestone delivery is inherently critical. Flaws in logic, linked sub-projects, maintenance activities or reports after the project completion, and many other issues can cause issues with the calculation of the critical path. The duration sensitivity is not affected by any of that. The duration sensitivity will show the correlation between two activity durations to determine if one is driving the other. This is often the best metric for isolating a milestone and seeing what is driving its completion date.
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The PRC Enterprise Risk Register is a web-based risk management software solution which allows for the tracking of risk at the project and portfolio level. Audit logs for all risk updates and changes are available at the click of a button to aid with audits, claims and the flow of information. The power of the PRC Enterprise Risk Register is in the simplicity of the user interface, which is designed to navigate easily at both project and portfolio levels without compromising functionality or data. The PRC Enterprise Risk Register allows for mapping across project levels so the data can be reported at the portfolio level, even if the work, risk and organizational breakdown structures are not standardized.
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The PRC Enterprise Cost Risk Analysis is a customizable web-based solution for simulating estimate cost and determining cost contingency, cost drivers, and risk hotspots. The key to a good risk analysis is good inputs. The software cannot be a roadblock to success. Good risk software should be easy on the end user. Monte Carlo simulation is already a complex. The software should simplify the process.
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The PRC Enterprise Schedule Risk Analysis is a customizable web-based solution for simulating schedule duration and dates. At PRC Software, we believe that the key to good risk software is through good inputs and excellent user friendliness. A Monte Carlo simulation is already a complex. The software should not be complicated as well.
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PRC specializes in risk analysis, audit, and training. We have cross-industry experience in fields such as Aerospace & Defense, Oil & Gas, and Engineering & Construction. We believe that over-complicating the risk process often leads to wasted effort and poor results. Our goal is to "make it simple."
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