Project Risk Manager Review - why 4.4 stars?

Shlomi Lavi / updated: Apr 13, 2023

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What is Project Risk Manager?

Project Risk Manager is a software tool designed for project managers and teams to help them identify, assess, and manage risks associated with their projects. The software uses various risk assessment techniques, including probability and impact analysis, to help users prioritize risks and develop effective mitigation strategies.

The software is useful for project managers across various industries, including construction, engineering, IT, and healthcare. Regardless of the project type, all projects come with inherent risks that need to be managed effectively to ensure successful project completion. Project Risk Manager offers a centralized platform that facilitates risk management, providing users with the ability to streamline the risk management process and mitigate potential project threats.

One of the standout features of Project Risk Manager is its comprehensive risk assessment capabilities. The software allows users to identify and evaluate risks using various methods, including SWOT analysis and risk probability and impact analysis. This allows users to prioritize risks and develop mitigation strategies that are tailored to the specific needs of their project.

Another key feature of Project Risk Manager is its real-time monitoring capabilities. The software tracks project risks in real-time, providing users with up-to-date information on potential threats. This helps project teams to take timely corrective action to mitigate risk and avoid project delays.

The software also offers a reporting module that provides users with a range of reporting options. This allows project managers to track the progress of their risk mitigation strategies and make data-driven decisions to ensure project success. The reporting module also facilitates communication with stakeholders, ensuring transparency throughout the risk management process.

Project Risk Manager was established in 2010 in Seattle, Washington. The company has since expanded its operations to other cities across the United States, including San Francisco and New York. The company has a team of over 50 employees, consisting of software developers, project managers, and risk management experts.

The company's mission is to provide project managers with a tool that simplifies risk management, streamlines the process, and helps them to identify and mitigate potential project threats. With Project Risk Manager, project teams can manage risks more effectively, reduce project failure rates, and improve project outcomes.

In conclusion, Project Risk Manager is a powerful software tool that offers a range of features designed to help project managers and teams identify, assess, and manage project risks. Its comprehensive risk assessment capabilities, real-time monitoring capabilities, and reporting module make it a valuable asset for project managers across various industries. With its user-friendly interface and advanced functionality, Project Risk Manager is an indispensable tool for managing project risks and ensuring project success.

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Who is it best for?

Project Risk Manager serves customers from a variety of industries, including construction, engineering, IT, healthcare, finance, and government. These industries often involve complex and high-stakes projects that require effective risk management to ensure successful project completion.

Here are five examples of companies that use Project Risk Manager:

1. Turner Construction Company: Turner Construction is a leading construction management company that has been using Project Risk Manager to manage risk across its many projects. The software has helped Turner Construction to identify and mitigate potential project threats, resulting in improved project outcomes and increased stakeholder satisfaction.

2. NASA: NASA uses Project Risk Manager to manage risks associated with its space missions. The software helps NASA to identify potential risks and develop effective mitigation strategies to ensure mission success.

3. Cerner Corporation: Cerner is a leading provider of health information technology solutions. The company uses Project Risk Manager to manage risks associated with the development and implementation of its software products. The software has helped Cerner to identify and mitigate potential project risks, resulting in improved product quality and increased customer satisfaction.

4. Citigroup: Citigroup is a global financial services company that uses Project Risk Manager to manage risks associated with its various projects. The software has helped Citigroup to streamline its risk management process and improve project outcomes, resulting in increased profitability and stakeholder satisfaction.

5. Boeing: Boeing uses Project Risk Manager to manage risks associated with its aerospace projects. The software helps Boeing to identify and prioritize risks, develop effective mitigation strategies, and track progress over time. This has resulted in improved project outcomes and increased stakeholder satisfaction.

In conclusion, Project Risk Manager serves customers across a variety of industries, including construction, engineering, IT, healthcare, finance, and government. Its user-friendly interface, comprehensive risk assessment capabilities, and real-time monitoring capabilities make it a valuable asset for project managers and teams looking to manage project risks effectively. From major construction companies to leading tech firms, Project Risk Manager has been adopted by a diverse range of organizations seeking to improve their risk management processes and ensure successful project completion.

Main features and functionalities

Here are some specific ways Project Risk Manager can benefit your business:

1. Comprehensive risk assessment: Project Risk Manager offers a range of risk assessment techniques, including SWOT analysis and probability and impact analysis, to help you identify and prioritize project risks. This enables you to develop effective risk mitigation strategies that are tailored to the specific needs of your project.

2. Real-time monitoring: The software tracks project risks in real-time, providing you with up-to-date information on potential threats. This helps you to take timely corrective action to mitigate risk and avoid project delays.

3. Reporting capabilities: Project Risk Manager offers a reporting module that provides you with a range of reporting options. This allows you to track the progress of your risk mitigation strategies and make data-driven decisions to ensure project success. The reporting module also facilitates communication with stakeholders, ensuring transparency throughout the risk management process.

4. Streamlined risk management: Project Risk Manager simplifies the risk management process, allowing you to manage risks more effectively and efficiently. This saves time and resources, enabling you to focus on other critical aspects of your project.

5. Increased project success: By effectively managing project risks, Project Risk Manager can help you to increase the likelihood of project success. This can lead to increased profitability, stakeholder satisfaction, and a competitive advantage in your industry.

In conclusion, Project Risk Manager can help your business by providing a comprehensive risk assessment platform, real-time monitoring capabilities, reporting capabilities, streamlined risk management, and increased project success. By adopting this software, you can manage project risks more effectively and efficiently, resulting in improved project outcomes and increased stakeholder satisfaction.

What is the actual cost?

Project Risk Manager comes with three pricing plans for the users, Standard, Professional, and Enterprise. The Standard is the free plan while the pricing of the Professional plan begins at £15 per user/month. The Pricing of the Enterprise plan is available on request.

ITQlick pricing score is 4 out of 10 (10 is most expensive). Access ITQlick pricing guide for Project Risk Manager. You can also find here pricing information from Project Risk Manager's website.

Pros

• Comprehensive risk assessment capabilities: Project Risk Manager offers a range of risk assessment techniques, including SWOT analysis and probability and impact analysis. This allows users to identify and prioritize project risks and develop effective mitigation strategies tailored to the specific needs of their project.
• Real-time monitoring: Project Risk Manager tracks project risks in real-time, providing up-to-date information on potential threats. This enables users to take timely corrective action to mitigate risk and avoid project delays.
• Streamlined risk management: Project Risk Manager simplifies the risk management process, allowing users to manage risks more effectively and efficiently. This saves time and resources, enabling users to focus on other critical aspects of their project.

Cons

• Limited integration options: While Project Risk Manager offers integration with popular project management software such as Microsoft Project and Primavera, it may not integrate as seamlessly with other tools as some of its competitors.
• Smaller company size: As a smaller company, Project Risk Manager may not have the same level of resources or brand recognition as some of its larger competitors, which could impact its ability to attract and retain customers.

How it stacks up?

Access a head to head analysis of Project Risk Manager vs alternative software solutions.

Frequently Asked Questions (FAQs)