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WRAP-UP 213

As with the software previously discussed, some products in this category are
standalone risk software and some are traditional CPM products that have incor-
porated risk support within the single product. Examples of the latter are two
products from Primavera Systems, Inc., Team Play and P3e. PlanView just added
risk and change management to their PM product. Risk Services & Technology
offers a standalone product, called RiskTrak.

Wrap-up

Risk management requires a proactive culture. You cannot afford to wait until
something bad happens, to first consider a response. It’s usually too late to pre-
vent serious damage by then. You must evaluate and anticipate possible failure
and plan for alternatives in advance. You must evaluate the “windows of opportu-
nity” for alternatives and check for satisfactory performance while there is still
time to act (or while shifting strategies is still economically viable and within an
acceptable time frame).

Earlier in this section, we discussed several nonstatistical approaches toward
schedule and cost risk avoidance and management. Those, and the simple, pro-
gram-based statistical methods, that we just discussed, will arm the project man-
ager with important information needed to support this proactive activity.
Obviously, it is not practical to consider every possible problem that could ad-
versely affect your project. Risk analysis helps you to focus on those areas that
have the highest sensitivity to things not going as planned. The prudent project
manager will take advantage of methods and tools such as these, when schedule
and cost risk is an issue.

Tip Risk mitigation is usually easier when the risk opportuni-
ties occur early in the project. As you move further into the
project, there are fewer options, there is less time, and there is
greater cost for alternative or corrective action. Risk avoidance
and mitigation plans should attempt to trigger early detection
of risk incidents and early corrective action.