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Comparison of project risk analysis software

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The following is a comparison of the features of various project risk analysis software available. Project planning software is reviewed separately.

General information[edit]

Software name Company name Works with Microsoft Project Works with Primavera P6 Application Software license License options Price indicator[1]
@RISK Pro[2] Palisade Corporation Yes No Add-in Proprietary Single user, network license Medium
Acumen Risk[3] Deltek, Inc Yes Yes Stand-alone Proprietary Single user High
Full Monte[4] Barbecana, Inc Yes Yes Add-in, Stand-alone Proprietary Single user Medium
Primavera Risk Analysis[5] Oracle, Inc No Yes Stand-alone Proprietary Single user High
RiskyProject Professional[6] Intaver Institute Yes Yes Stand-alone, add-in Proprietary Single user, network license Low
RiskyProject Lite[7] Intaver Institute Yes Yes Stand-alone, add-in Proprietary Single user, network license Low
RiskyProject Enterprise[8] Intaver Institute Yes Yes Stand-alone, add-in Proprietary network license High
Safran Risk[9] Safran Software Solutions AS Yes Yes Stand-alone Proprietary Single user High
Tamara Basic[10] Vose Software bvba Yes Yes Stand-alone Proprietary Single user, network license Free
Tamara Complete[10] Vose Software bvba Yes Yes Stand-alone Proprietary Single user, network license Low

Technical specification[edit]

Software name Cost/schedule[11] Schedule checker[12] Risk register[13] Calendar/weather risks[14] Probabilistic branching[15] Correlation method[16] Mitigation/response planning[17] Non-schedule risks[18]
@RISK Professional Both No No No Yes Copula No Yes
Acumen Risk Both Requires separate Acumen Fuse Yes Yes Yes None Yes Yes
Full Monte Both Requires separate Schedule Inspector No P6 Only Yes Factors No No
Primavera Risk Analysis Both Yes Yes Yes Yes Copula No No
RiskyProject Professional Both Yes Yes Yes Yes Copula Yes Yes
RiskyProject Lite Both Yes Yes Yes Yes Copula No Yes
RiskyProject Enterprise Both Yes Yes Yes Yes Copula Yes Yes
Safran Risk Both Yes Yes Yes Yes Copula No No
Tamara Basic Schedule only Yes No No No Factors No No
Tamara Complete Both Yes Yes Yes Yes Factors No No

Results analysis and reporting[edit]

Software name Plot types[19] Sensitivity analysis[20] Stochastic Gantt[21] Scenarios[22] Cashflow[23] Spreadsheet simulation[24] Custom report templates[25] Export file types
@RISK Professional H, C, X Yes Yes Yes Yes Yes Yes xlsx
Acumen Risk H, C, X Yes Yes Yes No No Yes docx, image (bmp, jpeg, etc), pdf, xlsx
Full Monte H, C Yes Yes Yes Yes No No csv, clipboard
Primavera Risk Analysis X Yes Yes Yes Yes No Yes xls
RiskyProject Professional H, C, X Yes Yes Yes Yes No Yes image (bmp, jpeg, etc), pdf, xls, ppt
RiskyProject Lite H, C, X Yes Yes Yes Yes No Yes pdf, xls
RiskyProject Enterprise H, C, X Yes Yes Yes Yes No Yes image (bmp, jpeg, etc), pdf, xls, ppt
Safran Risk H, C, X Yes Yes Yes Yes No No
Tamara Basic H, C, X Yes Yes No Yes Yes Yes docx, html, image (bmp, jpeg, etc), mht, pdf, xlsx
Tamara Complete H, C, X Yes Yes No Yes Yes Yes docx, html, image (bmp, jpeg, etc), mht, pdf, xlsx

Help file, support and training[edit]

Software name Help file in PDF Help file online Language versions Online videos Online training Onsite training Trial version duration
@RISK Professional Yes No ZH, EN, FR, DE, JA, PT, ES Yes Yes Yes 15 days
Acumen Risk No Yes EN Yes Yes Yes 15 days
Full Monte Yes No EN Yes Yes Yes 30 days
Primavera Risk Analysis No No EN No No No None
RiskyProject Professional Yes Yes EN Yes Yes Yes 30 days
RiskyProject Lite Yes Yes EN Yes Yes Yes 30 days
RiskyProject Enterprise Yes Yes EN Yes Yes Yes Unlimited
Safran Risk No No EN No No Yes 30 days
Tamara Basic Yes Yes EN Yes Yes Yes Unlimited
Tamara Complete Yes Yes EN Yes Yes Yes Unlimited[26]

See also[edit]

  • Project Risk Management
  • Risk Analysis
  • Schedule (project management)

Footnotes and references[edit]

  1. Price per user: Low < $1000: Medium >$1000, < $3000; High >$3000
  2. @RISK manual version 7.5, Palisade Corporation http://www.palisade.com
  3. Deltek, Inc http://www.deltek.com
  4. Barbecana, Inc http://www.barbecana.com
  5. Oracle, Inc https://www.oracle.com/applications/primavera/products/risk-analysis.html
  6. RiskyProject Professional User Guide, Intaver Institute http://www.intaver.com
  7. RiskyProject Professional Lite Guide, Intaver Institute http://www.intaver.com
  8. RiskyProject Professional Enterprise Guide, Intaver Institute http://www.intaver.com
  9. Safran Risk manual, Safran Software Solutions http://www.safran.com
  10. 10.0 10.1 Vose Software web site http://www.vosesoftware.com
  11. Whether the software performs an integrated cost and schedule risk analysis of the project plan.
  12. Whether the software performs a check of the schedule model’s suitability according to recognized standards like DCMA-EA PAM 200.1 EVMS Program Analysis Pamphlet (PAP). Hard constraints, leads, long or negative lags, and open-ended activities are all incompatible with schedule risk modelng.
  13. Whether the software includes a table featuring the risk events that could impact the project, their probability or frequency of occurrence, and the delay and/or cost to the schedule if they occur.
  14. Whether the software incorporates the ability to model risk occurrence as a function of the time of year instead of the tasks being performed.
  15. Whether the software incorporates the ability to model extra work that may have to be undertaken that is not in the baseline schedule.
  16. Correlation in the uncertain amount of time taken to complete different tasks in the schedule can dramatically increase the overall uncertainty in milestone dates and costs (see Hulett, Schuyler or Vose in further reading). There are two ways to model this: (1) using copulas, which require specifying the level of correlation between each pair of uncertain task durations. For k tasks, this means defining k(k-1)/2 correlation coefficients. For example, for a small schedule of 50 tasks, this comes to 1,225 coefficients, which is impractical to specify; or (2) using driving factors (for example, level of competence of a contractor) which are more intuitive and easier to implement since a typical project will have 5-20 such factors.
  17. Quantitative analysis of efficiency of risk mitigation and response efforts.
  18. Quantitative analysis of risks belonging to safety, security, quality, technology, legal, finance, environment, and other categories that don't affect project schedule directly.
  19. Whether the software plots histogram (H), Cumulative (C) and combined (X) plots of simulated variables.
  20. Whether the software plots tornado sensitivity plots showing the influence of input uncertainty on the selected output variable.
  21. Whether the software shows uncertainty in start and finish dates of tasks within a Gantt chart.
  22. Whether the software can overlay different scenarios, e.g. the schedule uncertainty with and without certain risks.
  23. Whether the software incorporates analysis of the uncertainty in cashflow over time.
  24. Whether the software incorporates the ability to run simulations in a spreadsheet using its results. This is useful for performing more advanced financial analysis, for example, but requires control of the sampling order to ensure internal consistency.
  25. Whether the software incorporates the ability to create custom report templates that can be repopulated with data after each simulation for faster, more consistent reporting.
  26. Trial can be repeatedly activated from the Basic edition.

Further reading[edit]

  • Hulett, David (2011), Integrated Cost-Schedule Risk Analysis, 1st Edition, USA: Gower, ISBN 978-0-5660916-6-7
  • Schuyler, John (2016), Risk and Decision Analysis in Projects, 3rd Edition, USA: Planning Press, ISBN 978-0-9664401-6-4
  • Virine L, Trumper M, (2017), Project Risk Analysis Made Ridiculously Simple, World Scientific Publishing, ISBN 978-9814759373CS1 maint: Multiple names: authors list (link)
  • Vose, David (2008), Risk Analysis: A Quantitative Guide, 3rd edition, Great Britain: Wiley, ISBN 978-0-470-51284-5

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