Sunday, November 24, 2019

Top 20 Benefits: Practical RMP with Primavera Risk Analysis - 1



Practical RMP® with Oracle® Primavera Risk Analysis” is a unique course covering both the theory and practical aspects of risk management. In this series, we will see the top 20 benefits. 

In the first part, we will check on ten benefits. In the next part, you can check remaining ones. Do note that there are a large number of benefits of using this course. I've listed only twenty. 

For comparison, followings are taken:
  • Theory: Various Risk Management Standards from PMI (PMBOK Guide 6th edition, Practice Standard for Risk Management and Foundational Standard for Risk Management).
  • Hands-on Practical: Oracle Primavera Risk Analysis (PRA) software.
For complete course breakdown, duration, price, and other details, you can refer: 

Practical RMP Course

Now, let’s check on the benefits.

Benefit # 1: Risk Management Plan – Theory Vs Practical 
Risk Management Plan is prepared in the planning process of Plan Risk Management. It has contents such as project description, risk management methodology being used, roles, responsibilities of the manager, probability and impact definitions, probability and impact matrix etc. A real plan is shown below.



In this course, you will be preparing a risk management plan on own your own (in .DOCX/PDF format). In the solution files, you will have a complete risk management plan available. 

Benefit # 2: Risk Register – Theory Vs Practical 
Risk Register is prepared in the planning process, details of which are outlined in all the Risk Management standards. This course tells you how they are done in a real time project. 
Each risk will have a risk profile, which will include the Risk ID, title, RBS association, cause, effect, description etc., which will be outlined in the “Risk Details” tab in the bottom panel of the Risk Register.

A part of real risk register from a real project is shown below. It is prepared with the PRA software.



Benefit # 3: Risk Report – Theory Vs Practical 
Risk report, like risk register is also prepared in the planning process. It will have overall project risk and summary level information for high priority risks, primarily. It can also many other information such as information on overall risk exposure, risk criticality analysis, risk sensitivity analysis. 
This course tells how to create a Risk Report with the PRA software. A part of real risk report, from one of the practical used in this course, is shown below.




Benefit # 4: Risk Probability and Impact Scales – Theory Vs Practical
Risk analysis will be based on the probability and impact scales, which you set during the planning process. These are documented in the Risk Management Plan. The impact can be across various areas such as scope, schedule, cost, quality, performance.

A real probability and impact scale drawn with PRA software is shown below. I’ve added two more impact types related to scope and quality. 



As you can see, you can customize theses scales. For example, do add another impact type, just click on “Add Impact Type” button in the above screen. 

Benefit # 5: Risk Probability and Impact Matrix – Theory Vs Practical
Risk probability and impact are the two key characteristics of a risk, on which analysis of the risk is done. While the risk management standards talk about the theoretical aspects, in this course, with the help of the software, the matrix is prepared.
A real risk PI matrix, taken from one of the course’s lessons, is shown below. 



Benefit # 6: Risk Breakdown Structure (RBS) – Theory Vs Practical
Risk breakdown structure (RBS) is a key component which will be used to categorize the risks. It also be used while planning for risk responses, e.g., you are planning to have a response to a set of risks belonging to one category. A real RBS taken from a real project is shown below. 




Benefit # 7: Other Risk Assessment Parameters – Theory Vs Practical
Other than probability and impact values, there can be other risk assessment parameters such as Risk Manageability, Risk Proximity, Risk Detectability, Risk Propinquity etc. With PRA software, you can model these risk assessment parameters. In fact, the tool comes with some risk assessment parameters such as Risk Manageability, Risk Proximity. A real one used in one of the projects is shown below. 




Benefit # 8: Risk Bubble Chart – Theory Vs Practical
Risk bubble chart is newly introduced in the PMBOK Guide 6th edition. During qualitative risk analysis, you can have a 3-dimensional (3D) representation of risk related data, graphically. As you export you risk data to a spreadsheet, you can draw a risk bubble chart.  A real risk bubble chart from this course is shown below. 



You have risk manageability, risk proximity and risk impact (size of bubble) shown in this chart.

Benefit # 9: Qualitative Risk Analysis Vs Quantitative Risk Analysis – Theory vs Practical
Both the aspect of risk analysis – qualitative and quantitative – are done in risk management. 

The key aspects of Quantitative Risk Analysis are to analyze the overall project risk, determine the chance of project success and find out the contingency reserve. Many think individual risks in the risk register are not quantitatively analyzed, which is not right. Individual risks are also quantitively analyzed and they become part of the risk report. 

A quantitative risk register with quantified values is shown below. This is created with PRA software. 



Benefit # 10: Risk Probability Distributions – Theory Vs Practical
When you quantitatively analyze the risk, you need to have the probability distribution values of the risks. There can be various types of probability distributions such as Triangular, BetaPert, Normal, Lognormal, Cumulative, Discrete etc. 
You can apply this for the entire project and also for individual tasks. For individual tasks case, below you have “BetaPert” applied to an activity named “PRD Preparation”. You can apply other probability distributions as well. 



At the end of the course, you would not only learn the theories from various risk management standards, but also the practical aspects of it with multiple hands-on practical sessions. You can download all the solution files to validate with your understanding. (files will be .PLAN, .RRX, .RSK, .XER etc. and you can load them into the PRA software to check and compare with your answers)

Details on "Practical RMP" course is available at: 
Practical RMP with Oracle Primavera Risk Analysis


You may also like:

No comments:

Post a Comment

Any comment is welcome - comments, review or criticism. But off-topic, abusive, defamatory comments will be moderated or may be removed.