Monte Carlo Schedule Risk Analysis. Part 2: Basic schedule risk analysis techniques
This video takes you through the basics steps to run a basic Monte Carlo schedule risk analysis in RiskyProject. RiskyProject is project risk management and project schedule risk analysis by Intaver Institute Inc.
Taking a basic schedule of five activities, we show how we add low and high estimates to both a single and a group of activities and then select a statistical distribution, in this case triangular. Once the risk model of the project schedule is set up, we show how to run the simulation. When the simulation is complete, the basic histograms and cumulative probability. Finally, we take a quick look at the sensitivity analysis, which is visualized as a Tornado chart that shows which activities and their parameters (duration, finish time) to which the project is most sensitive.
For more information how to perform schedule risk analysis using RiskyProject software please visit Intaver Institute web site: http://www.intaver.com.
About Intaver Institute.
Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.
Taking a basic schedule of five activities, we show how we add low and high estimates to both a single and a group of activities and then select a statistical distribution, in this case triangular. Once the risk model of the project schedule is set up, we show how to run the simulation. When the simulation is complete, the basic histograms and cumulative probability. Finally, we take a quick look at the sensitivity analysis, which is visualized as a Tornado chart that shows which activities and their parameters (duration, finish time) to which the project is most sensitive.
For more information how to perform schedule risk analysis using RiskyProject software please visit Intaver Institute web site: http://www.intaver.com.
About Intaver Institute.
Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.