Are you concerned your project is susceptible to project risk events? The Deltek Acumen risk register is great for logging anticipated project risks.
Projects come with risk: part and parcel of the unique nature of a project. The Deltek Acumen risk register, however, allows you to enter specific risk events and enter their probability and impact. Risk events are mapped to respective activities. In this way, the scheduler considers the risk event and its probable schedule and cost effect on corresponding schedule activities.
This article provides a brief introduction to the Deltek Acumen risk register that supports accounting for various risk events.
To get to the risk register select the S3 // Risks Tab, Views Ribbon Group, Right Pane menu, Figure 1.
Figure 1
Select risk register from the drop down menu, Figure 2.
Figure 2
The Deltek Acumen risk register for a respective project is displayed in Figure 3, along with column identifiers.
Figure 3
1 – Enabled: Determines if the risk event to be included in the Risk Analysis.
2 – Absolute Mapping: if absolute, the total risk is allocated to each activity assigned with this risk event. If no absolute mapping is used, the risk is spread between multiple activities.
3 – Mapped: the risk event is mapped to the selected activity or activities.
4 – ID: a unique value created when the risk event is entered.
5 – Type: options are: Threat, Opportunity, Calendar Event, Risk Window, Figure 4.
Figure 4
7 ‐ Probability: The likelihood of the risk occurring, Figure 5.
Figure 5
This option offers a range of percentages of likelihood that the event will occur. This quite literally means that for every 100 iterations, you will see the risk event included in the analysis within that range. So if you set it to Medium for example, it will simulate the risk being “realized” somewhere between 25 and 50 times per 100 iterations.
8 – Schedule: If the risk event is realized, what affect or impact would it have on the activity duration? In this list, Figure 6, you can see ranges from negligible (less than 20 days) through 100 days.
Figure 6
9 – Cost: If the event is realized, what is the likely cost to the project? You can set this impact value from negligible (less than $50K) through Very High ($250,000), Figure 7.
Figure 7
These ranges can be adjusted using the risk matrix dialog. In the S3 // Risk tab and Templates Ribbon Group select Risk Matrix, Figure 8.
Figure 8
You can make changes to the Probability and Impact Ranges, Figure 9.
Figure 9
Let’s proceed and add a risk event to our demonstration schedule. In the Gantt chart area, we locate the Launch WBS element, Figure 10.
Figure 10
We click on the add risk button, Figure 11, on the Gantt chart adjacent to the Launch WBS element.
Figure 11
This option creates a new event in the risk register, Figure 12.
Figure 12
This new event will be mapped to all the activities below the selected Launch WBS element. Now enter the following details for the risk event.
Name: Weather Delays Launch
In the type field, click and select the ‘calendar event’ option, Figure 13.
Figure 13
Notice how this option deactivates the remaining probability, schedule, cost and mitigation options. This is a special feature that allows you to model potential weather events. Click on the Exchange Panels button in the risk register ribbon group, Figure 14.
Figure 14
Now look at the two tabs (details and mappings) below your risk register that have appeared after exchanging the panels, Figure 15.
Figure 15
The Details tab shows a 12 month list that allows you to enable or disable certain periods. You can also adjust the Min, Most Likely, and Max values to meet your geographical weather patterns. In the details tab, Figure 16, click disable all periods and then select only the August, September and October periods as these are the dates covered by the Launch activities.
Figure 16
Click on the Mappings tab, Figure 17.
Figure 17
Verify the following activities have been mapped to this weather delay risk event, Figure 18.
Figure 18
Great! We now have registered the weather delay risk to the launch events. Now, when we perform a run risk analysis, we can choose to include our risk events in the computations.
Summary
The Deltek Acumen Risk register allows the scheduler to register risk events and map them to one or more activities in the schedule. Highlight a WBS element to map a particular risk to all activities associated with that deliverable.
If the event type is a threat, it is also possible to enable a mitigation effort, including probability and schedule and cost impact. You can also choose to include mitigation in the run risk analysis. In this way the scheduler can perform a comprehensive risk event adjusted risk analysis.