Oracle Primavera Risk Analysis
Oracle Primavera Risk Analysis software is an essential partner to any project controls application. It extends the value of tools such as Oracle Primavera P6 and Microsoft Project with a dedicated risk analysis branch to comprehensively assess risk at both project and portfolio level, driving improved results and outcomes for clients. Used by prominent contractors across several key industries, the software promotes the importance of building risk mitigation into every project from the very beginning.
Insight
Risk analysis software provides unique and valuable insight into potential cost, scheduling, time and resourcing risks, enabling teams to track these risks and identify opportunities for strategic risk mitigation. Risk analysis is rooted in providing teams with an opportunity to gain a deeper understanding into what could go wrong, empowering them to create tailored contingency plans to best navigate the most likely challenges.
Awareness
With improved insight into possible scenarios that may be encountered throughout a project’s lifecycle, teams can boost awareness of these risks to build a strong and comprehensive risk overview which can be incorporated into the planning process. An awareness of potential risk at the start of the project can ensure that mitigation strategies are integrated into tasks to generate a much more robust plan of action.
Decision Making
Armed with knowledge of possible risks for each individual project, teams are able to make better, smarter and more informed decisions for the future of their project. Planners can make decisions that effectively avoid or bypass risk, or which can minimise the impact of risk should problems occur at any stage of the life cycle. Ultimately, risk analysis empowers your teams to action highly effective responses to issues.
Increasing the Chance of Success
We’re proud to be the official European partner for Oracle Primavera products, including Primavera Risk Analysis software. As an approved partner, we’re here to help our clients use Risk Analysis in the most effective ways possible to ensure they’re able to efficiently identify risk, develop mitigation strategies, and succeed.
The Monte Carlo Method
Primavera Risk Analysis is a leader in risk identification and mitigation due to its incorporation of the Monte Carlo forecasting model. Developed by John von Neumann and Stanislaw Ulam, this technique uses random variables to assess the likelihood of risk beyond the confines of predictable, fixed variables. This unique method enables project planners to consider risks that aren’t just likely, but possible, to ensure all bases are covered and all potential risks are built into strategies from the start. The technique outlines numerous possible outcomes based on different variables, to allow teams to create actionable plans for cost or time overruns.
Complementing Project Tooling
While project controls applications are highly effective in supporting teams to take better control of their projects and deliver improved outcomes, many lack comprehensive risk analysis features. This can mean planners attempt to manually calculate risk, resulting in significant error and oversight. A full risk analysis suite is essential, especially as a failure to incorporate risk into the initial planning stages can reduce the likelihood of winning a tender. Primavera Risk Analysis is designed for use alongside tools such as Primavera P6, Primavera P3, and Microsoft Project to extend the functionality of these popular applications and ensure risk analysis is never an afterthought.
Primaned Risk Analysis Services
As the approved European partner for Primavera products, Primaned is able to support the implementation of Risk Analysis software in a number of different ways, all aligned with your own needs and requirements. We can provide our clients with a tooling license, install the application, integrate the software with existing project controls tools, and maintain and support the software as needed. We also operate a Risk Analysis help desk, and can ensure teams are always using their software in the most valuable ways with training delivered by Primaned Academy. Our specialist courses are designed to help you take a proactive approach to risk mitigation.
Mitigating Project Risk
The impact of failing to consider risk as part of the initial project planning stage can be devastating, not only to team-level processes but to broader business objectives. Not planning for risk can result in inaccurate estimations, poor decision making, weak communications, and inadequate and untimely responses to critical challenges. Improved risk analysis strategies can help you plan projects with greater confidence.
- Enabling proactive rather than reactive decision making
- Utilising real project data to assess and analyse risk
- Helping teams develop more robust and resilient plans
- Facilitating faster, smarter decision making for project success
Speak with an Expert
Schedule a call with our team, we will be happy to answer your questions to meet your team’s needs.
