What is PRAT?

PRAT stands for Project Risk Analysis Tool.

PRAT is an advanced Risk Register and Workshop Tool that allows the user to take full control of the risk management process. PRAT gives the user the ability to identify, analyze, respond to and monitor risks in an easy and structured manner.

PRAT allows the user to efficiently conduct deterministic as well as probabilistic qualitative & quantitative assessments. Moreover, with PRAT risks that occur more than once can be considered.

PRAT Product Sheet_en.pdf

Within every risk analysis process, there is a number of unknown risks that have not been identified. With PRAT, the user can consider these unknown risks and, through a unique procedure, determine a cost and time overhead that needs to be considered.

PRAT uses Monte Carlo Simulation to conduct probabilistic analyses of the assessed risks. It provides the user with relevant and reliable information such as risk related cost and schedule overrun probability distributions, along with heat maps that depict the most critical risks as well as treated risk distributions.

PRAT is based on Excel VBA, which allows fast and efficient adaptation according to the needs of any project and/or organization.

What can I expect when using PRAT?

Risk Management Process (RMP)

implemented RMP according to ISO 31000. For each process step, PRAT offers well-proven tailored methods for construction projects.

Risk Register

identified risks and risk responses are listed in a comprehensive risk register for further analysis.

Risk Fact Sheets

a guided process for risk identification and analysis providing qualitative and quantitative methods.

Risk Mitigation Planning

mitigation measures will be identified and activated for the most relevant risks.

Assessment of Unknown Risks

even with the implementation of a systematic risk management process, there is never a guarantee that all risks can be identified. Therefore, a risk mark-up to cover Unknowns is included. The risk mark-up is determined by using reference data to answer specific questions based on project characteristics and the project phase. This results in estimated quantitative values.

Cost and Schedule Impacts

consequences of risks are evaluated for cost and schedule impact. Data can be provided via interface to RIAAT for an integrated cost and schedule analysis.

Reporting

a flexible report layout enables easy adaptations to the structure of a specific organization.