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@RISK for Project 4.1
advanced risk analysis for project management

About @RISK 4.1 for Project
@RISK 4.1 for Project is Palisade’s Monte Carlo simulation add-in for Microsoft Project. @RISK for Project adds in directly to Microsoft Project versions 2003-2013, but is not 64-bit compatible. It allows you to build risk models in Project itself, without using Excel.

The current version of @RISK combines Excel formulas, functions, and graphs with the Microsoft Project scheduling engine. See more about @RISK for project management here.

Account for unforeseen risk in your project with @RISK for Project

Manage Risks in Your Project Schedules and Costs

Have you ever worked on a multimillion-dollar project where the project plan was little more than a collection of guesses? Or managed a project where the number of risks made the project unmanageable? Every year numerous projects finish late or over budget, or get cancelled outright because the project manager had no tools to assess and manage risk.

Using Monte Carlo simulation, @RISK answers the questions “What are the chances my project will finish on time and under budget?”  It helps project managers realize the effects of uncertainty, communicate realistic project  forecasts and allocate resources effectively.

The @RISK Model Definition Window lets you see all @RISK elements at once.

@RISK for Project
Shows You Many
Possible Outcomes

@RISK for Project uses Monte Carlo simulation to show you many possible outcomes in your project – and tells you how likely they are to occur. This means that you finally have, if not perfect information, the most complete picture possible. You can determine which tasks are most important and then manage those risks appropriately. While no software package can predict the future, @RISK for Project can help you choose the best strategy based on the available information. That’s not a bad guarantee!

RISKview pops up right over your project model.

The power of Monte Carlo simulation lies in the picture of possible outcomes it creates. Simply by running a simulation, @RISK for Project takes your project model from representing just one possible outcome to representing thousands. With @RISK for Project, you can answer questions like, “What is the probability of completing this milestone on time and under budget?” or “What are the chances that this project phase will be completed by this day?”

If/Then Conditional Modeling lets you build logic into your project.

BestFit gives you multiple graphing options and full statistics for your fits.

Define Uncertainty with Ease
Replace uncertain values in your spreadsheet with @RISK probability distribution functions.  You’ve probably heard of some of these, such as normal (“bell curve”), uniform, and triangular distributions. Choosing which @RISK distribution function to use is easy. @RISK for Project comes with a distribution viewer that lets you preview various distributions before selecting them. You can also use your own historical data and @RISK for Project’s integrated data fitting tool to select the best function and the right parameters.

The @RISK Results Window gives you countless graphics and reporting options.

Present Results with Stunning Graphs
@RISK for Project provides a wide range of graphs for interpreting and presenting your results to others. The @RISK Gantt Chart lets you see simulation results directly in Project’s native Gantt Chart. Histograms and cumulative curves show the probability of different outcomes occurring. Use overlay and summary graphs for more advanced comparisons. Right-click menus and handy toolbars make navigation a snap. You can also generate a one-page, ready-to-print Quick Report of statistical results and graphs! 

Integrated risk results in the Project Gantt chart make interpreting your simulations a snap.

Identify the Most
Important Tasks

@RISK for Project provides you with Sensitivity and Scenario Analyses to determine the critical factors in your models. Use Sensitivity Analysis to rank the uncertain factors in your model according to the impact they have on your outputs. See the results clearly with an easy-to-interpret Tornado diagram, then take appropriate management action.

Correlate your inputs in the @RISK Model Definitions Window.

Conditional Modeling and Contingency Planning
The Professional version of @RISK for Project includes a set of branching features that enable you to build in contingency plans if certain events occur. Account for chance events in your model with ease.


@RISK for Project Features & Benefits
FEATURES BENEFITS
Seamless integration into Microsoft Project No need to export data to perform risk analysis; get up to speed quickly
Advanced simulation engine Fast, thorough analysis
37 built-in distribution functions Represent virtually any uncertain factor for accurate modeling
Distribution viewer and data fitting Easy and accurate definition of uncertain factors
Correlation of inputs Represent dependency between related variables for accurate modeling
Presentation-quality graphs See the impact of risk and communicate to stakeholders effectively
One-click Quick Reports See summary of charts and graphs pre-formatted for one page
@RISK Gantt Chart See the true critical path so you can manage resources effectively
Reporting in Excel All graphs and charts can be exported to Excel for easy distribution to others
Sensitivity and Scenario Analysis Identify the individual tasks that have the most impact on results, and the particular scenarios that lead to certain results
Critical Indices Assess task importance by seeing the percentage of time it appears on the critical path
Probabilistic and Conditional Branching Set up contingency plans for chance events
Probabilistic Calendars Account for events that affect the outcome of your project, such as weather conditions during certain seasons or work stoppages
Vary” function Vary a value around the mean for more modeling flexibility
Risk Categories Apply the same uncertainty to similar tasks within a category; save time by not setting up tasks one by one
Global Variables Hold values to be referenced by any @RISK for Project calculation for modeling convenience
Parameter Entry Tables Quickly add or change @RISK function parameters without opening each function individually
VBA Macro Support Control and automate your @RISK analyses using Project’s VBA language
@RISK for Project Industries & Applications
INDUSTRY SAMPLE APPLICATION
AEROSPACE Cost estimating
CONSTRUCTION Schedule estimation
Contingency planning
Budget projection
Resource planning
DEFENSE Aircraft and equipment procurement
Troop deployment and mission planning
ENVIRONMENT Toxic cleanup planning
INFORMATION TECHNOLOGY Systems rollout scheduling
MANUFACTURING Production scheduling
Plant shutdown
MINING Blast planning
Reclamation of mining sites
OIL AND GAS Drilling rig construction
Exploration analysis
PHARMACEUTICALS Facility planning
Research and development projects
TRANSPORTATION
  » Case Studies
Government regulation compliance

PMI Approved
PMI recommends Monte Carlo simulation software tools such as @RISK for Excel and Project for quantitative risk analysis. Palisade Corporation is a PMI Registered Education Provider, so Project Management Professionals who attend Palisade training seminars can earn valuable Professional Development Units.

» @RISK for Project 4.1 tutorial


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