Welcom upgrades risk management software

Source: Welcom

Welcom, a global leader in project portfolio management solutions, announces the availability of WelcomRisk™ 2.0, the newest version of its risk management software.

WelcomRisk 2.0 is the first qualitative risk management system that allows business managers to model risks as "opportunities" or "threats."

Risk is generally perceived as a negative factor in business. In a broader business sense, risk is both positive and negative. WelcomRisk 2.0 is the only software available today that assists in the identification of positive risks ("opportunities") and negative risks ("threats").

The ability to model both opportunities and threats is important to an organisation that is proactively managing project risks. According to the 2004 edition of the Project Management Institute's Body of Knowledge (PMBOK), modeling both threats and opportunities helps maximise the probability and consequences of positive events and minimize the probability and consequences of adverse events to project objectives.

"WelcomRisk 2.0 represents a change in emphasis," says John Owen, vice president of development at Welcom. "It not only allows users to model risks in a register, it can also directly export predefined mitigation steps to a variety of scheduling tools such as Microsoft Project® and Welcom's Open Plan®. These steps then become defined tasks, activities, or sub-projects within an ongoing project schedule. No manual entry is required since the link between the risk register and the schedule is dynamic."

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