Estimate the probablility range of completion dates
All projects involve risk. Risk indicates a degree of uncertainty. You can model this uncertainty in Microsoft Project with @RISK for Project. Then you can answer questions like "What is the probability of completing the project on time?" "What happens to the foundation work if it rains?" " How long will it take in a best case scenario? ".
Suppose you've already made your project with single point time estimates. You can replace these with @RISK functions that represent the range of values your estimates could take. When you run the model @RISK shows you all possible outcomes - not just the most likely ones. You'll see what critical situations could seriously impact your project. Plan the best project possible given the information that is available to
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Account for unforeseen risks in your project with
@RISK for Project. | you at the time.
@RISK for Project comes in two different editions, Standard and Professional. If you're serious about handling your project to the best of your knowledge and ability, don't consider the Standard edition. @RISK for Project Standard is really only suitable for projects where the tasks are certain to occur.
Otherwise you need the Professional edition to account for chance events when planning your projects, change values or perform branching if certain conditions occur, and take more risks into account by modelling uncertainty with the occurrence of tasks in addition to the tasks themselves. You can also apply probabilities to any calendar event (for example a strike) and global variables that apply to your project as a whole, for example, a "Bad Weather" global variable that is defined to occur 20% of the time, and causes subsequent changes to your project estimates when it occurs.
@RISK for Project Professional also includes BestFit for fitting historical project data to a probability distribution so you can quickly and easily incorporate known project data into your model.
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