By Tamim Kulaly, PMP
The first important question is “why do projects fail?” There could be several reasons:
- Project over run – The project takes longer than planned
- Cost over run – Executing the project cost more than budgeted
- Underperformance – The project team did not deliver the goals of the project
- Plan too optimistic – Evidencing a lack of understanding of true scope of the project
- Scope creep – The scope of the project increased but plans and budgets were not revised accordingly
- Other – Sometimes things go wrong due to lack of appropriate resources or equipment failure or bad weather or other unpleasant surprises.
To avoid the downfalls of project failures, project centric organizations should look into Risk Analysis products to minimize project risks. Oracle’s Primavera Risk Analysis is a full lifecycle risk analytics solution integrating cost and schedule risk management. Users will have an objective view of required contingency to account for cost and schedule uncertainty as well as analyzing the cost effectiveness of risk response plans.
Why Primavera Risk Analysis?
- Increase confidence in bids & project selection
- Help create more realistic schedule and identify schedule assumptions
- Identify common scheduling pitfalls that may result in misleading schedule or risk analysis results
- Improve awareness of project risk and uncertainty
- Integrate pre-developed risk registers and define new risk registers
- Address full lifecycle risk management through advanced Monte Carlo-based cost and schedule analytics
- Report confidence levels with regards to finish dates, costs, float, internal rate of return and net present value
- Increased project success by enabling better project management
- Methodology based risk analysis as identified in the PMBOOK; Risk Planning, Risk Identification, Risk Assessment, Risk Response and Risk Reporting.
Integrate Schedule and Cost Risk Analysis with the following products
- Integration with Primavera 5x, 6x, Contractor, P3 and Suretrak.
- Integration with Microsoft Project Server 2003 or Desktop. Primavera Risk Analysis is not compatible with MSP Server 2007 but MSP 2007 files can still be imported using the File…Microsoft Project…Open Project option
- Integration with Deltek
- UN/CEFACT – United Nations Centre for Trade Facilitation and Electronic Business.
Users can build a Risk Register – Qualitative & Quantitative Assessment
Users can build both Qualitative and/or Quantitative risk assessments, and based on this data, different scenarios can be created.
Primavera Risk Analysis Risk Register
Users can build unlimited Risk Scenarios
- Project Schedule and Cost in planning/cost systems are just one scenario, and usually not the most realistic. Users can include risks into the scenario which can provide realistic assessment for project delivery.
- Users can compare different response strategies to determine the best ROI
Primavera Risk Analysis Risk Assessment
In conclusion, executives, program managers and project managers should use Risk Management tools to minimize their project risk and maximize opportunities.
Join Project Partners and Oracle Corporation on Wednesday, February 24 for a free, live webinar to learn about Oracle’s Application Integration Architecture (AIA) solution for integrating Oracle Primavera and Oracle E-Business Suite applications. You’ll gain valuable information about how this solution will help their organization bring E-Business Suite and Primavera silos together. Read the rest of this entry »
By Peter Budelov
Project Managers (PMs) lead a hectic life because they not only need to manage the day-to-day operations of a project (i.e. work deliverables, schedules, cost and revenue), but they also must spend time with the appropriate IT tools to do this. The keystone in making good project management decisions is having accurate, timely and easy to access project reporting data.
Typically when using enterprise project management applications, this data is available, but not necessarily easy to get to, may not be easily displayed in a user friendly manner, does not necessarily have all the data needed, is not configurable, and certainly unavailable in a disconnected mode. Read the rest of this entry »
By Tamim Kulaly, PMP
Oracle’s Primavera Portfolio Management (formerly Prosight) is a leading Project Portfolio Management application that is very intuitive and utilizes a 100% web interface. Using Portfolio Management’s top-down approach, clients are able to manage their business objectives and rank their investments prior to selecting them. In terms of processes defined in PMBOK, the main focus of the tool is to provide users better control in the two major aspects of a project life cycle: the Planning phase (propose initiatives, clarify objectives, and prioritize/select investments) and the Controlling phase (track performance, review portfolio and adjust course). Read the rest of this entry »
Project Partners LLC invites you to the
Oracle Primavera Enterprise Project Portfolio Management Virtual Summit
January 20, 2010
10 a.m. – 4 p.m. ET / 7 a.m. – 1 p.m. PT Read the rest of this entry »
Contingent Worker Functionality and Setup Steps For Release 12 (and 11.5.10 Family Pack M)
By Robert D. Anderson, CPA and Frank Roberts, PMP
Oracle introduced the concept of Contingent Worker to the Oracle Project Suite with the release of Family Pack M in May 2005. Contingent Labor is defined by Oracle as:
“…an on-demand workforce, including contract workers, agency staffing, independent contractors and people who work directly for an enterprise on an on-call basis.”
This new functionality accessed features that had been incorporated into 11.5.10 for Purchasing and Human Resources, allowing the following actions to take place in the Oracle Applications: Read the rest of this entry »
The first step in working with a project in the Oracle Projects Suite, project initiation, is typically performed centrally by a project administrator using a template, and then routed for approval (to check proper template usage, project manager assignment, and funding). Eventually the project manager (PM) is notified that the project is ready to be modified for detail workplan and date input, key member and resource assignments, other project attributes, transaction controls, and detail financial planning. Read the rest of this entry »
Project Partners has been delivering integration between Primavera and Oracle E-Business Suite Projects applications since 1998. We’re excited that Oracle has released its own integration between these project management applications, and pleased to provide a high level, introductory overview in this article. You will find more detail in future blogs on this topic. Read the rest of this entry »
Oracle provides a strong resource with its recommended patch lists (RPL). However, Project Partners is pleased to provide a detailed list of patches that we have uncovered, either during implementations or as a result of internal testing.
As with any patch you should always do detailed research so you can find the patch number and a description of the patch. It is always important to investigate the patches completely, understand their compatibility with those you have already applied and how they might impact your environment, especially where customizations are concerned. This is where the importance of testing your functionality comes into play.
With that said, below is some very useful ‘insider information’ for your review. Read the rest of this entry »
The need to issue a credit memo is common everyday practice for all companies. When the invoice being credited is recent, or the credit is an easy one-to-one (credit memo to invoice) match, this process should be fairly simple. But what happens when you need to issue a credit to your customer months after your invoice has been paid, accounting periods have been closed and information has been archived? What if you need to issue an on-account credit not associated with any particular invoice but rather just a credit to the customer or a credit to the project? What if you want to issue a credit along with your current draft invoices rather than for the original paid invoice? Using standard functionality in Oracle Projects, all credit memos created, whether for canceling an invoice or for correcting an item on a previous invoice, are handled by creating a credit memo that can only be applied against the original invoice. This happens even if the original invoice has already been paid. There is little flexibility in issuing credits not directly associated with the original invoice. Read the rest of this entry »
