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.
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.
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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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