Risk Analysis Software Selection
Blueprint Project Solutions are a management consultancy specialising in Project Controls, Project Management and Commercial Management services.
Blueprint have previously been engaged by clients to provide a Quantitative Schedule Risk Analysis (QSRA) capability to enable schedule risk modelling to be carried out on specific projects. Primavera Risk Analysis was the software package used by Blueprint to carry out these risk models.
THE CHALLENGE
For over a decade there have been no significant updates to Primavera Risk Analysis and therefore the challenge was to identify whether this was still the best QSRA software solution for our business.
To ensure Blueprint continues to offer a high-quality risk modelling capability with high quality outputs a comprehensive review of available QSRA software packages was carried out for the purpose of identifying the most appropriate software package based on a specific set of requirements:
Quick & easy to use.
Does not require specialist risk resource to use.
Provides a useful and most importantly understandable output.
Be compatible with both Microsoft Project and Primavera P6.
Can carry out integrated schedule/cost models.
Can carry out standalone Cost Models.
THE SOLUTION
Blueprint carried out the review using one of our Project Controls Consultants specialising in Planning, including a comprehensive knowledge of Quantitative Schedule Risk Analysis to understand the requirements and identify the most appropriate software.
A three phased approach was adopted to identify the appropriate QSRA software package:
Phase 1 – Identify and research available products that have QSRA functionality, obtaining detailed information including brochures, pricing, and trial versions.
Phase 2 – On receipt of trial versions of the products, reviews and assessments of the software capabilities were carried out to ensure that key functionality that would be expected from a QSRA product are present. As part of this phase, demonstrations were also provided to other team members to obtain an independent opinion.
Phase 3 – Each software package was scored using an agreed scoring matrix based on specific requirements and software functionality, with a detailed report produced to underpin the findings.
THE RESULT
Upon completion of the review, a preferred software option was identified and selected by Blueprint, this was Deltek’s Acumen Risk.
As well as providing a solution that will allow Blueprint to provide high quality and visual data, Acumen Risk was the only product to satisfactorily meet all of the requirements set by Blueprint, with the following features allowing it to stand out over other products:
The interface is logical, with a modern look and familiar feel.
It is compatible with all leading planning software packages including P6, MSP, Open Plan, ASTA and includes the ability to link directly to the planning software databases.
Schedules can be exported from Acumen Risk back to the native planning tools.
Capable of QSRA models, integrated Schedule/Cost and standalone cost models.
Uncertainty input is especially simple to enter either using the built in ‘sliders’, importing from the planning tool, manually or via Microsoft Excel.
Includes detailed Risk Register functionality capable of scoring risks along with the ability to import from Microsoft Excel.
The Risk Register supports Threats, Opportunities, Risk Windows and Calendar events such as weather risks.
High quality outputs that include sensitivity (tornado) charts that identify the cost/duration impact of risks in days/£/$/€ rather than confusing coefficients.
Sensitivity (tornado) charts are able to be shown at summary (WBS) levels as well as activity level.
High quality schedule analysis capability using Acumen FUSE to ensure the schedule is suitable for a QSRA.
Includes additional software module called Acumen 360 (schedule accelerator) that assists the planner with rapid what-if scenarios to recover finish dates.
Significant ongoing development of the product.
The recommendation to implement Acumen Risk alongside Acumen FUSE was presented to the Blueprint management team and was approved for implementation with all Risk Modelling and schedule analytics that Blueprint carry out now using the software.
In addition to implementing the software, Blueprint will be endorsing Acumen Risk to clients as the product it recommends for schedule risk modelling, replacing Primavera Risk Analysis.
Matthew Kirkbride
For more information regarding Blueprint services or to discuss how we can help your business, please contact Matt on +44 (0)1453 383211 or complete our enquiry form below.