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.
Copyright © 2021 PRC Software. All rights reserved