Seamless Integration with Microsoft Project
Once installed, Risk+ becomes an integral part of Microsoft Project, with its own menu items, toolbar and input screens. Standard risk analysis inputs and outputs are entered into and stored with the schedule file. Microsoft Project fields used to store Risk+ information are completely customizable to ensure compatibility with other Microsoft Project add-ins and customizations. Advanced features capitalize on the power and ease of use of Microsoft Project's Visual Basic for Applications (VBA).
Proven Risk Analysis Techniques
Risk+ uses sophisticated simulation techniques to quantify the cost and schedule risk associated with a project. By executing your schedule hundreds or even thousands of times, Risk+ generates a detailed profile of exactly where and to what degree risk might materialize in the schedule.
Quick Setup of Risk Parameters
Risk+ provides a variety of options to quickly define and update risk analysis parameters on a global basis, and then refine them for selected schedule activities.
Risk Histograms
Schedule and/or cost histograms are generated for all activities identified by the user as reporting tasks. Risk+ histograms and probability tables are often seen in trade journals and technical articles describing the risk analysis process.
Integrated Cost and Schedule Analysis
Risk+ uses the resources and rates in your project file, along with the schedule risk parameters to optionally generate cost histograms for every reporting task. As the durations of tasks increase and decrease during the simulation, the associated variable costs automatically increase or decrease as appropriate. Fixed costs can also be adjusted by using the conditional "If-Then-Else" capabilities in Risk+.
Sensitivity Analysis
Risk+ can perform sensitivity analyses to identify those tasks that have the greatest impact on the finish date of your project, based on your risk inputs and the schedule network. A "tornado" chart can be displayed to quickly identify the activities where risk mitigation will have the most impact.
Probabilistic Branching
Risk+ can perform probabilistic branching, in which certain tasks or groups of tasks are executed or not, depending on a specified probability of occurrence. For example, a software test activity might have two possible outcomes: a 70% chance of success, leading directly to system integration; and a 30% chance of failure, requiring rework and retest before system integration. Risk+ includes a wizard to help you quickly and easily set up the most common probabilistic branching scenarios.
Conditional "If-Then-Else"
Risk+ allows conditional changes to a schedule during simulation, based on how risk has materialized. For example, a conditional statement could be added specifying that if a task isn't completed by late summer, then its successor tasks must be delayed until the following spring.
Custom Risk Distributions
In addition to its built-in support for the most common and useful risk distributions, Risk+ allows you to specify custom risk distributions for tasks with unusual risk characteristics.
Correlated Risk
Risk+ supports correlation to model the relationship of risk between tasks. For example, if the schedule risk associated with a pair of tasks is primarily weather-related, you might expect the risk to materialize in both tasks, or in neither. You can easily specify such relationships in Risk+.
Speed and Ease of Use
Our users frequently tell us Risk+ is faster and easier to use than any other schedule risk analysis tool available for Microsoft Project. Once a schedule has been defined, a comprehensive and accurate risk analysis can be set up and performed with just a handful of keystrokes or mouse clicks.