Risk Assessment Profiler (RAP)
Quick, Efficient and Accurate
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ARETE

RISK  ASSESSMENT  PROFILER

We empower Portfolio and Project Managers by providing a comprehensive risk assessments platform to keep a portfolio of projects on time and on budget. 

Overview

RAP the Risk Assessment Profiler, is a tool that portfolio project managers use to better understand and manage the risks they may encounter throughout a project. RAP provides key decision makers an in-depth look at potential schedule and cost overruns. Although various factors and practices can negatively impact the performance of a project, insufficient risk management can result in unforeseen challenges that may put the project at risk thus exceeding the project schedule and budget.

With RAP, a project risk assessment can be conducted in ONE hour, giving portfolio and project managers a quick and efficient tool for managing risks. RAP helps identify mitigation considerations so that project managers will be more confident in meeting the project schedule and budget by implementing risk mitigation actions.

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RAP  is a risk-based portfolio project management application that utilizes a unique, simplified approach leveraging the main three risk analytic concepts; qualitative, schedule, and quantitative risk analytics.

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Qualitative  

Qualitative Risk Analysis is a technique used to identify the probability or frequency of a risk event occurring and the impact or severity the risk will have if it does occur. Risks have both probability and impact that determine a risk score.  RAP maintains risk scores at each risk category and then analyzed to provide an overall project risk score – the RAP Score. The Qualitative Risk Tree illustrates a summary of a project’s qualitative risk analysis, showing risk scores, at-risk elements with overall RAP score.

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Schedule

Schedule Risk Analysis is based on conducting a Monte Carlo Simulation on the project schedule.  This technique connects the identified risk elements of project activities to the baseline schedule and provides sensitivity information of at-risk tasks to determine the probabilistic outcomes of the project duration and cost. 

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Quantitative 

Quantitative Risk Analysis is a further analysis of the highest priority risks during which a quantitative rating is assigned to identify risk events with corresponding action plans for mitigation. Inputs are derived from the qualitative and schedule analysis by processing the risk events and drivers, registering them, and taking mitigation actions.

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Features

  • Insightful portfolio and project risk management dashboards.

  • Understand your portfolio risks with the RAP Spyder, Risk Wheel, and Risk Scatter Plot. 

  • Determine portfolio and project risk exposures.

  • Risk heat map analytics addressing impact and probability values.

  • View the top risk ranked projects in your portfolio.

  • Manage risk templates for each project type.

  • View location of your portfolio projects and their location risks with GIS data layers.

  • Load project schedule data (Primavera, Project, etc.) to utilize for simulation analytics.

  • View the project schedule gantt chart and critical paths.

  • Associate risk assessment scores to individual schedule tasks.

  • Maintain portfolio standard risk distribution charts per project types and risk categories.

  • Include calendar weighting to account for seasonal project factors.

  • Generate optimistic, most likely, and pessimistic (OMP) values leveraging Monte Carlo simulations.

  • View detailed histograms displaying probabilistic outcome results for the schedule and budget Impacts.

  • Identify tasks that are sensitive based on risks and criticality.

  • Automatically generate a Project Risk Register by selecting identified risk elements.

  • Manage risk events with pre-configured mitigation action considerations.

  • Update the Risk Register as your project progresses and mitigation is occurring.

  • Generate professional looking reports in both Excel and PDF formats.

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By failing to prepare, you are preparing to fail.
— Benjamin Franklin
 

 
 

Contact.

If you would like to learn more obout RAP, please send us your contact information and one of our representatives will contact you. 

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