WelcomRisk. For organizations looking to improve project performance through proactive risk management.

Transcription

1 Welcom For organizations looking to improve project performance through proactive risk management.

2 Improved Project Performance Through Better Management. All projects are exposed to varying degrees of uncertainty and risk. When left unmanaged, risks can inflict serious harm on project objectives in the form of cost overruns, schedule delays, and quality issues. Conversely, projects also contain potential opportunities that need to be exploited as fully as possible. Effective risk management is the process by which risk is minimized and opportunity is maximized and often can mean the difference between project success and failure. The key to successful risk management is a formalized process of identifying, assessing, and responding to and controlling risk.team involvement is essential. By including all team members, risks can be identified early, serious threats can be mitigated efficiently, and project decision-making can be improved. Because risk management is so closely linked to other areas of project management, risk information should be integrated with cost and schedule systems. Close links are needed to ensure all risks are identified at the appropriate level of the project hierarchy, while providing visibility into risk exposure at the project, program, and enterprise level. Finally there is a solution that makes the risk management process less labor intensive and supports the proactive management of risk throughout the organization. Designed for the entire project team, Welcom is a risk management tool for the systematic identification, mitigation, and reporting of project risks and opportunities.welcom combines a user-friendly interface with a higher level of flexibility and granularity than other products. With many powerful reporting options, Welcom ensures that executives gain enterprise-level visibility into risk exposure and project managers stay in close control of their individual projects. Based closely on the PMI risk methodology, Welcom helps organizations practice a formalized, five-step process for risk management: planning, identification, assessment, response, and control. Integration with: Standard links Open Plan Cobra Microsoft Project Primavera P3e Custom links Most other project management systems; XML Web Services Monitoring and Control Continuous Reduction Response Planning Identification Assessment Key Benefits: Complete support for the proactive management of risk Prioritization of project risks Better decision making Easy identification of highrisk areas Cross-project visibility into risk exposure Proactive mitigation step management Tracking of risk mitigation actions and responsibilities Measurement of mitigation strategies Portfolio decision support Role-based information Easy, Web-based access Increasing Control

3 Planning Every organization has its own unique way of managing risk. Welcom provides a highly flexible risk-planning framework that can be easily configured to reflect the unique needs of any risk management environment. categories, impact types, thresholds, and custom fields can all be set up to model the level of risk management maturity needed. Such flexibility ensures that risks are reported in the most meaningful context for each organization. Identification Welcom makes risk management less labor intensive by providing an intuitive, graphical interface for identifying, assessing, mitigating, and reporting risks across all projects. A Tree ensures user-friendly navigation and makes it easy to associate risks with elements of a project hierarchy. The Tree also provides a flexible means of reporting on risks at any level of the hierarchy. Executives and stakeholders benefit from a top-down view of risk exposure. Color-coding highlights areas of high risk or "sticky density." The Tree can also be used to drill down by risk category or other risk attribute, giving virtually unlimited options for analysis. Linked to the Tree is a comprehensive Register that enables important risk information to be proactively captured, tracked, and mitigated. This centralized risk repository is then accessible to all stakeholders and shared throughout the enterprise. The Register captures many attributes of individual risks including ownership, score information, response strategies, associated opportunities, and a detailed one-page risk report. Fields in the Register are fully customizable so that companies can model their own terminology and risk environment. Security Access to risk information is strictly controlled. A granular security model determines exactly what information individual users can see and what they can do with that information. This ensures that each user sees only the information that is relevant to them. Breakdown Structures Breakdown Structures are based upon project hierarchies so that risks can be identified at the work package, task, or cost account level. Hierarchies are linked to external applications - such as scheduling tools - or created directly in Welcom. Opportunities Opportunities can also be identified, either as attributes of identified risks or as separate entities. Response actions can then be initiated to maximize opportunity as well as minimize risk. Prioritized Lists Welcom provides a formalized and structured means of developing prioritized lists of project risks. Such prioritized lists form the basis for determining which risks to respond to and how they should be tackled. Additionally, by integrating these lists into the risk tree, the project manager can also determine where these risks impact the project schedule.

4 Assessment Welcom allows the risk assessment process to be consistent across projects and makes it easy to involve the project team. s are scored using pre-defined impact types with corresponding probability and severity scales. To ensure ease of use, values are selected from drop-down lists or chosen from color-coded risk score grids. Once initial risk assessment is complete, a baseline risk score is created, which can then be tracked throughout the project lifecycle. Scores scores are calculated for each risk based on the probability and impact values that are selected. Scores provide a powerful means of risk reporting and are tracked over time.all score changes - based on external events or risk response - are stored in the risk history, providing a full risk management audit trail. Tolerances Welcom can be configured to reflect each organization's sensitivity to risk scores and specific impact types.tolerances are all user-defined. Response/Mitigation Welcom provides powerful support for the risk reduction process. It helps project managers to proactively plan mitigation strategies, map out mitigation steps, and delegate responsibility for mitigation. This empowers the project team to work together to reduce risk exposure. Mitigation Steps are created using a unique graphical response-planning interface complete with interactive network logic diagrams. Once steps are defined, they are assigned to the appropriate team members and tracked to ensure timely completion. Step logic also determines how mitigation efforts will reduce a risk's score. A full audit trail of completed and outstanding Steps is provided. This structured method of mitigation helps improve risk reduction, gives the project manager more control, and ensures greater accountability for risk management. Mitigation Steps for Reduction In the example above, two possible resolution paths have been created to respond to the risk: software not ready for conference room pilot. As soon as one of the paths is successfully completed, the risk score will be deemed to be at an acceptable level (residual risk score). What s Unique about Welcom? Integration Welcom integrates with many external applications. Unlike other products,welcom can link to different project hierarchies such as WBS, OBS, and tasks. Robust Flexibility for Reporting With Welcom, risks can be prioritized and sliced and diced more easily than with other products. s are reported at any level of the project and can be filtered by various attributes.

5 Reporting Welcom offers a wide range of reporting options to satisfy the needs of different stakeholders. matrices, waterfall diagrams, project risk summaries, drill-down views and a one-page risk report all provide rich risk information at any level of the project hierarchy. High-level matrix reports and risk summaries ensure that executives always get a "big picture" view of risk exposure across projects. When more detail is needed, the Tree provides very flexible drill-down analysis. With such robust reporting capabilities, executives can rest assured that they have a clear picture of project, program, and organizational risk exposure at all times. Project managers need to closely monitor high-risk areas of their projects and ensure that mitigation efforts are working. Welcom provides a number of reporting tools to help the project manager stay in close control and measure the success of mitigation strategies. Portfolio Reporting score indices can also be made available for portfolio reporting and project selection criteria in external applications including WelcomPortfolio. Waterfall diagrams show how risk scores are changing with respect to time for one or more impact types. One-page risk reports provide useful overviews for individual risks and project summary reports deliver easy-to-read synopses. Multiple Formats Reports can be printed, saved as PDF, or copied directly into other applications such as Microsoft Office. Mitigation Step Management Welcom includes a unique graphical planning interface for risk mitigation and reduction. Mitigation steps are created, assigned, and tracked throughout the risk lifecycle. Welcom Application Server: 2GB RAM, P4 or Zeon processor (1.6MHZ), 40GB disk space Microsoft.NET Framework 1.1 Internet Information Server 5.1 (or later versions) Database Server: Oracle 8i (or later) or Microsoft SQL Server 2000 (or later) Client: No install required Internet Explorer 6.0 (or later versions)

6 Welcom USA Corporate Headquarters N. Barkers Landing Rd Suite 350 Houston TX tel: fax: Welcom UK European Headquarters 26/28 Church Road Welwyn Garden City Hertfordshire AL8 6PW tel: +44 (0) fax: +44 (0) Welcom has a global network of partners in other countries. Visit our Web site for details. welcom.com Project Portfolio Management 2004 WST Corporation. Open Plan and Cobra are registered trademarks of WST Corporation. WelcomHome,Welcom, and WelcomPortfolio are trademarks of WST Corporation. All rights reserved. All other product names are trademarks or registered trademarks of their respective companies.