Mitigation analysis is a massive part of the risk analysis process, and Safran Risk makes it easier and less time consuming to conduct. It’s a huge improvement over OPRA, and this blog will explore why.
Correlation is often crucial to the risk model. It helps analysts understand the often-complex relationships between events and the risks that can affect them. More than that, it plays an integral role in counteracting the effects of the Central Limit Theorem (CLT).
Many companies try to do schedule risk analysis calculations within their existing, limited set of tools like the scheduling tool or Excel, rather than in a dedicated risk tool. This is because, historically, a scheduling tool is what schedulers have been trained in. They understand scheduling but risk, however, is typically owned by someone else in the organization—possibly in project controls or even higher up in the organization as part dedicated group responsible for managing enterprise risk where knowing how mitigating risks across their organization directly affects ROI. Even though they understand this connection exists between risk and business, many leaders overlook the main way that risk affects the execution of their business—which is through projects.