Review Process

The Review process is where you can review feedback from markup, and apply a variety of intelligence rankings in order to run a risk assessment on your project.

Uncertainty is an internal factor, such as quantity growth or productivity loss/gain. It evaluates duration/cost realism and plan confidence.

A Risk Event is an external factor where events are discrete and measurable, such as third-party delays or unexpected labor shortage. It evaluates the probability of the event occurring, the schedule impact should the event occur, and any impact in associated costs.

Projects often tend to mix uncertainty and risks events together resulting in less accurate mapping of risk characteristics to projects. It is important to evaluate risk items and place each in their appropriate categories, Uncertainty or Risk Event.

This feedback can come from the Markup process outlined in other learning topics. From here, the following review process steps can help you conduct a risk assessment utilizing a confidence level, called a P-value.

The below steps explain how to generate a Risk Adjust project:

Running a Risk Assessment in Review

From the Project View drop-down, select Review.

Select a P-value for instant insight during the review process by first selecting the P-value icon .

A P-value of 100 represents a worst case scenario, while a value zero represents a best case scenario
You are assigning a confidence level against a target goal

Toggle the Uncert and Events On/Off switches to be applied to the corresponding work package or terminal level.

This feature will either include or exclude that detail in the risk model. It is recommended to begin analysis with both options toggled to the on position.

It is recommended to begin analysis with both options toggled to the On position.

Move down the project and review contributor’s Uncertainty rankings for each line item.

When reviewing Uncertainty, there are three main options for generating adjustments to the project: Artificial Intelligence (AI), Human Intelligence (HI), and Risk Intelligence (RI)

As needed, assign Register Events to project items.

Any item in a project may be assigned a Register Event
The default categories are shown below:

Once all uncertainty and events have been agreed to, you can access two main reports that provide insight into the project’s risk:

Risk Histogram
Tornado Analysis

Adopt any part of the risk model by selecting Adopt Markup or Apply Uncertainty adjustments to deterministic schedule. Both options will run a Critical Path Method schedule calculation and generate a new risk adjusted project schedule.