Risk Management for Oracle Projects

 eServicehub Risk Management for Oracle Projects enables you to record, track, mitigate, manage and analyze risks that are raised for your Projects. Fully integrated with Oracle Applications 11i10 and any Projects module within the Oracle Projects Suite it leverages the single global Project repository to provide you with an accurate insight of your overall risk exposure within and across projects. All aspects of Project Risk Management are tracked and managed according to your business process and the lifecycle of the Risk. eServicehub Risk Management for Oracle Projects also provides you with the tools to evaluate the Risk Exposure for your project and reduce its impact through Risk Mitigation and Risk Response Planning should the Risk event occur.

visibility

Allow Project Managers and Team Members to Record Risks

Through a secure and streamlined web user interface, eServicehub Risk Management for Oracle Projects allows project managers and team members to surface potential Project risks and be able to incorporate them within the Project Planning and Execution phases upfront. Since the user experience is simple and intuitive through Risk Quick Create (Figure 1), the probability of the risks for your project being captured is greatly increased and consequently ensures an accurate representation of the overall Risk exposure for your project.

Approval Workflow and Notifications Ensure Visibility

All project stakeholders and team members have different perceptions and perspectives on the projects that they participate in. It is critical that all the risks they anticipate are surfaced to aid awareness.

It is equally important that these risks are validated and their potential impact evaluated. eServicehub Risk Management for Oracle Projects enables you to standardize risk definition across your organization through Risk Types which can be leveraged across all your projects and project templates. This facilitates appropriate visibility and enables meaningful reporting. Through Oracle Workflow team members, project managers, or executives - are warned when risks are raised, and have the ability to approve, reject and update appropriately. This allows you to further standardize your process around managing, controlling and reporting Project risks.

Build Contingency and Mitigation Plans

A Risk may or may not occur and therefore not all identified risks will materialize. However, it is essential to be prepared with contingency plans. Over budgeting for risks that will never materialize may mean that the perceived return on investment for the project is too low, and potentially a profitable project may be discarded as too costly. eServicehub Risk Management for Oracle Projects allows you to build contingency plans and to develop mitigation plans to reduce the overall Risk exposure and provide an action plan should the Risk materialize through Risk Response Planning.

Risk Impact

Risk Response

Execute Risk Response Plans or Transfer Risk Exposure When Risks Realized

Should the Risk still occur; eServicehub Risk Management for Oracle Projects allows Risk Owners to define comprehensive Risk Response Plans to provide a series of steps or Actions that need to be performed with identified Owners and calculated Due Dates to control the Risk, (Figure 3 Risk Response Plan). Furthermore, you can transfer the Impact of the Risk to other areas of the project through the Risk Transfer process, for example, you can Transfer the impact of the Risk to an Oracle Projects Change Document and transfer the cost to your customer or absorb into your Financial Plans.

Risks Scored and Ranked Automatically

Seasoned project managers can verify that in many cases, determining those risks most likely to derail the project is an art form. eServicehub Risk Management for Oracle Projects leverages a complex algorithm to transform this art form into a science. The eServicehub Scoring and Ranking algorithm leverages risk impact, cost, mitigation plan and other parameters to consistently and accurately rate the risk associated with your projects. Furthermore,if your company has its own unique way of evaluating the urgency and effect of a risks, the eServicehub Scoring and Ranking algorithm can be tailored to meet your specific needs.

Execute on Time and Within Budget

Identify the Most Important Risks

Project managers have to keep track of many moving parts to ensure successful execution of their projects.eServicehub's intelligent graphs are easily interpreted to ensure that the crucial risks are quickly identified. Appropriate decisions can then be made to bring scope, cost, timing, and associated revenue on track.

Maximize return on your Project investments

Make Educated Decisions on Where to Invest Your Time, Money and Resources

In uncertain economic times, making the wrong investment can be a career limiting experience. In choosing which projects to pursue or readjust, identifying the optimal balance of risk, cost and return is essential. eServicehub Risk Management for Oracle Projects leverages the single global Oracle Projects project repository to provide intelligent insight into your level of exposure, together with the possible upside.

Assess Risks Exposure across your Projects

eServicehub Risk Management for Oracle Projects provides project managers and executives the ability to look across their key projects and instantly identify those with the greatest exposure to risk. With many priorities grabbing their attention, project stakeholders can quickly identify the most valuable place to spend their time (Figure 4 Risk Cost and Revenue Impact Graphs).

Risk Cost ImpactRisk Revenue Impact

Learn from Experience Using Audit Trail

eServicehub Risk Management for Oracle Projects provides a full history of what risks were identified and by who. The associated mitigation plans (or lack there of) can be clearly seen. This information can be leveraged not only in postmortem examinations, but in reporting. eServicehub Risk Management for Oracle Projects therefore provides tools to give you the best chance of successfully executing your projects on time and within budget.

 

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