Overview of Schedule and Cost Risk Analysis Software
Here is a list of most popular and most comprehensive project risk analysis focused primarily on Monte Carlo schedule and cost risk analysis. There are some other Monte Carlo software or risk components of project scheduling software, but there are less widely used. All these software systems include the following features:
- Monte Carlo schedule and cost risk analysis based on risk events from risk register or uncertainties in task durations and cost
- Risk register: list of risks with their properties including probabilities and impacts
- Assignment of risks events from risk register to tasks with project schedule
- Risk-adjusted project schedule
- Sensitivity analysis: how risks and uncertainties in different tasks affect project uncertainties
- Reports, charts and histograms presenting results of risk analysis
The software is listed in alphabetical order.
Acumen Risk: Developed by Deltek. Acumen Risk supports Monte Carlo project risk analysis and integrates with Primavera, Microsoft Project, and Open Plan. Acumen Risk is designed to perform integrated cost and schedule risk analysis for projects. It enables project teams to analyze thousands of activities in seconds while accounting for scope uncertainty, work complexity, risk events, and opportunities, providing a more realistic forecast than traditional scheduling tools.
The software uses a Monte Carlo simulation engine and incorporates a project’s existing risk register, allowing users to define and assign both uncertainty and discrete risk events to individual tasks, Work Breakdown Structure (WBS) elements, or the entire project.
Oracle Primavera Cloud, Risk Analysis Module: Oracle Primavera Cloud, Risk Analysis developed by Oracle is a comprehensive risk analytics solution that integrates with Oracle Primavera that is designed for the full lifecycle of projects, integrating cost and schedule risk management to enhance project success. The software uses advanced Monte Carlo simulation techniques to perform probabilistic risk analysis, allowing project planners to assess the likelihood of meeting cost and time objectives by simulating thousands of possible project outcomes and allows team members to develop effective risk mitigation and contingency plans.
https://primavera.oraclecloud.com/help/en/user/88432.htm
RiskyProject Pro: Developed by Intaver Institute. RiskyProject Professional is an advanced project risk management and risk analysis software that integrates with MS Project, Primavera, PowerProject, OpenPlan and other project scheduling tools. It includes Monte Carlo simulations for assessing project cost and schedule risks and uncertainties. It includes a comprehensive risk management capability that users to allowing users to quickly analyze both schedule and cost risks, create effective risk mitigation and response plans and optimizes the decision-making process. It also supports integration into larger enterprise environments when paired with the RiskyProject Enterprise Server.
https://projectdecisions.org/software/
Safran Risk: Developed by Safran. Safran Risk integrates with MS Project, Primavera P6 and other scheduling tools. It is a comprehensive project risk management software designed for complex projects, offering advanced quantitative risk analysis tools. It integrates cost and schedule risk assessment using Monte Carlo simulations, provides real-time risk modeling, and includes features like integrated risk registers, sensitivity analysis, and actionable insights for mitigation. The software helps users identify uncertainties, forecast outcomes, and optimize decision-making to improve project success rates.
https://www.safran.com/en-gb/risk-analytics-solutions
Pricing Comparison
Based on available data for both licensing or annual fees, RiskyProject Professional is the most cost-effective option across all timeframes. Safran Risk is the most expensive, with incomplete data for multi-year costs.