In the real world, no project proceeds on early dates. NetRisk is the first and only Monte Carlo risk analysis tool that can model the risk of float-use during simulation.
Despite 84% conducting financial and risk analysis.
Any reduction in float increases the risk of the project overrunning!
The use of float is not considered […] in risk-analysis oriented scheduling techniques.
Delay risk of the non-critical activities are commonly ignored.
Before a project has begun, a risk assessment should be undertaken so as to identify how realistic the schedule is and make any adjustments to time and budget if necessary. Once the project is underway, additional assessments should be done which factor in actual progress and updates to the schedule.
NetRisk provides project managers with quantifiable data and interactive results, allowing them to communicate the issues more effectively. Stakeholders can see the major problems and the impact they have on the overall schedule.
NetRisk facilitates contingency planning by allowing multiple scenarios to be run and compared. Project managers can see the probability of meeting targeted completion dates, as well as the time contingency necessary in the event a risk occurs. This helps project managers develop a plan for what to do if a risk cannot be mitigated at the outset.
A positive risk, or opportunity, can reduce the amount of time it takes to complete a certain activity. A negative risk, or threat, will increase an activity’s duration. Both opportunities and threats can be documented in the NetRisk risk register.
NetRisk is the only tool which allows float use to be modeled during simulation, risk drivers with variable likelihoods, and multiple mitigation scenarios directly in the risk register. A dialog-box-free interface makes it easy to learn and navigate, while tables make data entry quick and familiar. Automatic software updates, hands-on customer-support, and an affordable price make NetRisk stand out from other tools.
NetRisk provides a risk register for capturing both qualitative and quantitative input. Risks can be identified, captured, scored, tracked, and reported.
Once risks have been identified and discussed, strategies can be taken to avoid or reduce their potential impact on the project. When risks do occur, a plan can be established to avoid unnecessary surprises or delays. Stakeholder expectations can be managed through improved communication and more realistic timelines.