What is PRAT?
PRAT stands for Project Risk Analysis Tool.
PRAT is an advanced Risk Register and Workshop Tool that allows you to take full control of the risk management process. PRAT gives you the ability to identify, analyze, respond to and monitor risks in an easy and structured manner.
PRAT helps you to efficiently conduct deterministic as well as qualitative & probabilistic quantitative assessments. Risks that occur more than once can also be considered.
Risk Management Process (RMP)
PRAT provides implemented RMP according to ISO 31000. For each process step, PRAT offers well-proven and tailored methods for construction projects.
Risk identification and analysis
PRAT is a clear and guided process for risk identification and analysis based on qualitative and quantitative methods. Our Risk Fact Sheets are the result of a decade of applied risk management experience.
Specific and relevant information is retrieved from project team members systematically and in a structured process. Risk information includes description, qualitative and quantitative assessment as well as risk strategy or mitigation measures.
Within every risk analysis process, there are a number of unknown risks that have not been identified. With PRAT, you can consider these unknown risks and, through a unique procedure, determine a cost and time overhead that will need to be considered.
You can determine the risk mark-up by using reference data to answer specific questions based on project characteristics and the project phase. You will then receive estimated quantitative values.
Risk response planning
PRAT helps you take action with risk mitigation measures to keep your project on the right path.
Mitigation measures are identified and activated for the most relevant risks. This allows you to respond to risks in time.
Cost and schedule impacts
PRAT evaluates which impact risks have on cost and schedule. Data can be directly provided via an interface to RIAAT for an integrated cost and schedule analysis.
Monte Carlo simulation
PRAT uses Monte Carlo Simulation to conduct probabilistic analyses of the assessed risks. You will receive 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.
A flexible report layout allows you to easily adapt reports to the structure of your specific organization.