Practised by thousands of individuals across the world, project scheduling is perhaps the most common discipline of project planning and control. Every project in every industry is managed according to a schedule, regardless of size or scale, and the use of scheduling software has become a staple ingredient of project planning. With such significance placed upon scheduling activities, you'd be forgiven for thinking that projects are well-planned and successfully-executed, but research tells us that projects often, even usually, overrun their schedules by some margin.
Cost and schedule risk analysis assesses the likely effect of uncertainty, as well as individual risks on overall project costs and time-to-completion. Essential to accurate project control and forecasting, it can also reveal how much contingency is needed to stay within budget and meet deadlines.
We are excited to announce the latest release of Safran Risk, v7.1.5, here’s an idea of just some of the new capabilities in this release.
Introduction to Safran Risk, the leading solution for integrated schedule and cost risk analysis.
The new standard in schedule risk analysis has arrived in the form of Safran 7.1. With its intuitive process-led user-interface and improved planning quality, your organisation can now successfully deploy quantitative project risk analysis across your projects. To help you make your project risk analysis a more transparent process, watch our ‘Introduction to Safran Risk Webinar’ now, or read the transcript below.
Release Followed by Webinar Demonstrating Safran Risk 1.5
HOUSTON—Dec. 1, 2015—Safran Software Solutions, a premier provider of Enterprise Project and Risk Analysis software, has released Safran Risk v. 1.5 for clients worldwide. Designed for project stakeholders and risk professionals, Safran Risk provides analysis of both project schedule and cost data in an intuitive process-led manner, helping organizations identify and mitigate project risks earlier.
The idea of contingency and risk modeling applies to a wide variety of large scale projects. One such category of project where risk analysis and contingency modeling is particularly vital to project success is in shutdowns, turnaround and outages. Being able to map out risks and assess risk throughout the project is critical to finishing on time and on budget.
When we talk about risk in our projects, one of the challenges has always been how do we get information out of the risk analyst's hands, out of their analysis and communicate those results up through the organization. How do we get vital project risk knowledge into the hands of executives where it can be used for better decision making?
In our first blog post on the topic of Executive Risk Awareness, we highlighted how the 2010 BP Deepwater Horizon oil rig explosion in the Gulf of Mexico was a case of risk run amok. Furthermore, the breakdown in the lines of communication for projects risks and problems resulted in a situation where lives were lost and a project in disaster. The ability to provide accurate data on project risks in real-time to decision makers is of critical importance in the economic climate today's projects must contend with.
The benefits of project risk management are huge. Effective quantitative risk management is an essential component to delivering projects successfully—on time, within budget, and with high-quality results. By following these guidelines, you are one step closer to mitigating risks and managing a successful project.
Earlier this month we published a post about the current trends within the project risk management industry, and the statistics risk management professionals are up against. This infographic provides a clear picture of the statistics, and also how Safran Risk helps organizations beat the odds.