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SIG publishes reference table of risk tools

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SIG publishes reference table of risk tools

Project managers new to risk management, or looking to upgrade equipment, can now access at-a-glance information on the latest risk tools available in the market.

The reference table includes the names of some leading suppliers and a guide to key functionality, including quantitative risk analysis (QRA) of cost and scheduling.

Keith Gray, from the APM Risk Specific Interest Group (SIG), said: “The purpose behind the list is to provide a reference for current users who are looking for alternatives or a new user reviewing the current market.

“The list is not necessarily exhaustive and we would welcome suggestions to help us to improve or expand the offering. It is our intention to review the list periodically.”

The list of risk tools was compiled following the success of the APM Risk SIG event ‘The value of quantitative risk analysis’, held in February 2016. Over 100 delegates listened to presentations by six invited speakers on QRA, as well as discuss risk tool software with nine of the leading vendors in the field. A roundup of those vendors, plus others identified by the Risk SIG committee, is captured in the table.

“The table uses the heading ‘Risk management database’ for tools that capture project risk information at all phases of the risk process: Initiate; Identify; Assess; Plan responses; Implement,” explained Keith.

“The heading ‘Quantitative risk analysis’ is for tools that perform Monte Carlo simulation on the pre-response and planned post-response assessments of probability and cost and/or schedule impacts to determine the combined effect of the risks on the project’s objectives. The tools may also perform Monte Carlo simulation on cost and/or schedule uncertainty.”

He added:  “Quantitative analysis may use tornado charts for comparing the relative sensitivity of the risks and the effectiveness of the planned responses.”

Download the reference table here.

For more information please contact the APM Risk SIG at risksig@apm.org.uk

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