Welcom Releases WelcomRisk 2.0 Qualitative Risk Software
New Version of WelcomRisk is the First Qualitative Risk Management Software System to Model Both Threats and Opportunities in a Project
HOUSTON, TX, 03/02/2005, 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 organization 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 maximize 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.”
WelcomRisk includes the recommended risk matrix values as outlined in the Project Management Institute’s Body of Knowledge (PMBOK) 2004, which outlines suggested probability ranges, impact ranges, and thresholds that together define standard risk matrices. Other new capabilities include the ability to outline response methods and mitigation steps to both threats and opportunities. Response types for threats can include “avoidance,” “transfer,” “mitigate,” and “accept.” Responses for opportunities include “exploit,” “share,” “enhance,” and “accept.”
WelcomRisk 2.0 is offered in “advanced” and “team member” versions, and is available now. For more information, contact Welcom at firstname.lastname@example.org or call 1-800-349-8854 (1-512-558-0514).
WelcomRisk is a formalized risk management tool for the proactive identification and mitigation of project risks and opportunities. WelcomRisk combines a user-friendly interface with a higher level of flexibility and granularity than other products. Its flexible integration capabilities and tight security provide companies with a better solution across the enterprise. WelcomRisk is part of the Welcom Project Suite, a comprehensive solution that also addresses portfolio analysis, project collaboration, planning and scheduling, and cost and earned value reporting.
Welcom (www.welcom.com) leads in the invention, development, and implementation of the world’s most advanced project portfolio management solutions for the enterprise. Welcom translates global experience, industry knowledge, and innovative technology into software solutions that help people plan more effectively and better manage business-critical projects.
Established in 1983, Welcom has two decades of leadership and a worldwide customer base. Welcom is a privately held company that maintains its corporate headquarters in Houston, Texas, with offices in the United Kingdom. Its primary channels of distribution include a direct sales force and a network of resellers located around the world.
Welcom and Open Plan are registered trademarks of WST Corporation. WelcomRisk is a trademark of WST Corporation. All rights reserved. All other product names are trademarks or registered trademarks of their respective manufacturers.
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