I’d like to announce a new, free, Excel template: Soothersayer™ for Project Risk Analysis. This Excel template uses the binomial distribution to estimate the risk impact of identified and assessed risks in the risk register. This template can be used to analyze both schedule and budget impacts. It’s intended to let project managers calculate the size of the project risk contingency needed to ensure project success.
Like all of the Statistical PERT templates, this template is freely licensed under the GNU GPL published by the Free Software Foundation. Although this isn’t a “Statistical PERT” template, it falls into the same camp of Excel-based templates that are freely available and use the built-in statistical functions of Microsoft Excel 2010 / 2013 / 2016.
I’ll have a LOT more to say about Soothsayer in future blog posts. For now, download it and try it out! It’s simple and intuitive to use.