Oracle Primavera Risk Analysis (OPRA) is one of the leading Risk Analysis tools available today. This month, we will look at the various attributes OPRA provides the user including the five-step model to building best performance schedules.
The Risk journey should always start with Validation of the schedule and Pre-Analysis Check and are the first two steps in the five-step model. We have covered these steps in a previous edition which you can access here. In this edition, we will step through Stage 3, 4 and 5 to show you how you can develop Risk Impacted schedules, pre-mitigated and post-mitigated.
The following high-level steps are used to develop a schedule that will be more robust with a higher probability of success and confidence level.
The Five Stage Journey to Building Best Performance Schedules
Stage 3: Develop Risk Register
Risk Registers describe the cause and effect of each Risk for defined work with the project schedule. The Risk register can be built to include qualitative or quantitative (probabilistic) analysis in terms of Schedule, Cost and Performance impacts. When the register has been defined, you can then assign a risk profile to individual Activities and develop the appropriate Mitigations for each Risk. This process provides Oracle Primavera Risk Analysis with the basis to create Pre and Post mitigated risk options for further Risk Analysis, evaluation and possible intervention and mitigation.
Step 1 – Develop the Risk Model
OPRA provides a standard Risk Register Template which has been adopted here, a range of risks developed with Qualitative analysis to define the Probability with Schedule and Cost impacts. In the register, the Mitigation is developed for each Risk as well as the probability of the risk event causing delay, re-defined to show the effect of mitigation.
This is where the Risk with Mitigation is mapped to each Activity that the Risk impacts. Mapping to activities is crucial to ensure that the analysis can correctly develop the impact on the schedule.