Yesterday our Managing Director, Matt Betros, had the pleasure of presenting GBA's experience to the students of Torrens University. As part of the presentation on Enterprise Environmental Factors and Impact Analysis Matt provided a demonstration on the real-world application of risk identification and the development of an impacted risk plan using Primavera Risk Analysis, PRA (formally Pertmaster).

PRA is a very useful tool to have in the project management toolkit but it can be a very confusing piece of software to first time users. Mostly the software can add benefit to projects as they progress through their phase gates. The process requires:

  1. the identification of risk and external impacts that may affect the project (using the PESTLE technique and a Risk Breakdown Structure)
  2. qualification of the risks (working groups and workshops)
  3. quantification of the risks and their associated impacts (via estimation and expert inputs) and
  4. analysis of the simulation outputs

The monte-carlo algorithm is at the crux of this software but as they say, garbage in is garbage out. We previously wrote about how a good risk workshop can be run to avoid poor inputs into the risk process. If these workshops yield poorly defined inputs then it’s almost guaranteed that the outputs won’t be valuable to the project team.

Watch our short video below to get a feel for how the software works and how you can quickly generate positive benefits and develop a deeper understanding for how risk can impact your project.

 

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